Recast Your Mortgage Loan
You’ve probably heard financial experts saying that you can reduce the term of your mortgage by paying one extra payment per year. That is truly a way you could possibly turn a 20 year mortgage into a 15 year mortgage in no time at all. Of course the more you pay toward your principle, the faster your mortgage balance dwindles.
There is also another way to shorten the term of your mortgage, and at the same time actually reduce your monthly payment, known as “Recasting.” That’s right, you can actually ask your mortgage company to “Recast” (Re-Amortize) your loan without having to pay closing costs and fees.
By Recasting, the borrower pays off a lump sum of the loan’s principle and resets the monthly payments at the loan’s original interest rate and terms.
“Most people don’t know about this option, but it’s become more common recently.” Says Allen Rosenbaum, founder and chief executive of the Guardhill Financial Corporation in New York.
Some recent buyers find recasting a good option, particularly when it makes little financial sense to refinance so soon after purchasing a home, but are expecting a large sum of money. For example, buyers who expect to receive a tax refund or other substantial money after closing on their property, such as proceeds from the sale of another property or stocks, may want to look into recasting to lower monthly payments.
And here are my top picks for the week...
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146 Wendover Trace
Impressive five bedroom, two and a half bathroom home located in the subdivision of Morrison Plantation, convenient to shops, restaurants and the lake! Enter this home through the welcoming two story foyer offering hardwood flooring, crown molding, ...
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5935 Princeton Avenue
Appealing three bedroom, two full bathroom home with a rocking chair front porch located in the Princeton Park subdivision. The open living room offers a vaulted ceiling, a chandelier, wood-like flooring, crown molding and chair railing. The eat-in ...
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20416 Southshore Drive
New four bedroom, plus bonus room, three and a half bathroom home located in the subdivision of Sawyers Landing. Enter this home through the inviting two-story foyer offering hardwood flooring, crown molding and a coat closet for your convenience. T...
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21237 Pine Street
Attractive three bedroom, three and a half bathroom end unit located in Mulberry Street Townhomes near downtown Cornelius. The powder room offers hardwood flooring, a pedestal ink and silver fixtures. The great room offers hardwood flooring, crown m...
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6017 Spanish Moss Lane
Beautiful three bedroom, two and a half bathroom home located in the subdivision of Forest Pond. The inviting foyer welcomes you into this home offering hardwood flooring and side lights in the door. The powder room offers a pedestal sink and silver...
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9823 Brandybuck Drive
Stunning four bedroom, plus bonus room, two and a half bathroom home located on a cul-de-sac lot in the Cabarrus County section of Highland Creek. This sought after community offers a golf course, playground, multiple pools, recreation area, tennis ...
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1632 Lombardy Circle
Craftsman style two bedroom, two and a half bathroom condo with a basement located in Dilworth in the complex of Lombardy Green, within walking distance of restaurants and Freedom Park. The inviting foyer greets you with warmth offering hardwood flo...
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10215 Montrose Drive
Stunning 5 bedroom, two and a half bathroom home located in the Cabarrus County section of the sought after subdivision of Highland Creek. Step into this home through the welcoming two-story foyer offering hardwood flooring. The powder room offers a...
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3416 Passour Ridge Lane
Fabulous three bedroom, two and a half bathroom home located on a cul-de-sac street in the subdivision of Cresthill. The inviting two-story foyer welcomes you with hardwood flooring, chair railing, picture frame molding and a decorative chandelier. ...
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7532 Pickering Drive
Fabulous four bedroom, plus bonus room, two and a half bathroom home located in the subdivision of Newell Place. Enter this home through the welcoming two-story foyer offering hardwood flooring, a palladium window and side lights in the door. The po...
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