Recast your mortgage. Refinance your loan. Send in Extra Money to Pay Down Principal . In the mid-1970s, Marc Eisenson coined the term "banker’s secret," which promoted a cost-saving idea: Pay more than required on your monthly mortgage, and you’ll save a pile of money.
· "Recasting your mortgage is a great option if you want to lower your monthly payments and have the funds to make a lump sum payment to your lender," says. mortgage prepayment refinancing.
Recast mortgage vs extra payments or prepayment. Generally you can recast a loan more than once. Keep in mind that recasting a mortgage is not the same as making extra payments or prepayment on your loan. If you pay a lump sum on your own without recasting, you have effectively lowered your principal amount, but not your monthly payment.
Refinance, recast or pay down your mortgage?. to make sure there’s no prepayment penalty for making a big additional principal payment or for refinancing your loan so soon after your initial.
Lower monthly payments or pay off your home sooner. There are lots of great reasons to refinance your mortgage. Whether you want to save money with lower monthly payments or cash out, refinancing is a great option to meet your financial goals.. Get a better understanding of your refinance.
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The two main choices available to many borrowers are recasting or refinancing their mortgage. Each option can help you lower your monthly mortgage payment and save money in interest costs. In order to help you make a decision about which choice is right for you, here is some information you’ll need to consider. Recasting Your Mortgage
The mortgage rate is 4%, the assets used to fund loan repayment yield 3%, and the borrower could refinance into a 3.25% mortgage that would be profitable over 10 years. In this case, the borrower should pay off the mortgage because the 3% cost is less than the 3.25% rate on the mortgage after refinancing.
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7 refinancing options you need to know about. January 8, 2018. Refinancing can lower your monthly payment, save money over the life of your loan, and help you own your home free and clear sooner.
Many may be tempted to explore the reverse mortgage option as a way to. want to plan on staying in your home for several years to help offset those costs. If you don’t spend the money you’ve pulled.