Lower Your Mortgage Payment | Mortgage Recast

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Lender in all 50 states.

If the availability of some of your cash doesn’t line up with when you’d like to buy a home, you need to know about recasting your loan. This is an inexpensive way to adjust your monthly payment – AFTER CLOSING – without refinancing your loan.

Do you want to purchase a new home before selling your old home?
Are you selling more than one property to fund a purchase?
Are you expecting a bonus or inheritance or other cash but prefer to buy sooner?
Are you trying to pay your home off before retirement?

These are all cases when a recast or reamortization can come in handy!

In this video:
00:00 - Introduction
00:29 - So what is a recast, anyway?
01:28 - Another way to think about a recast…
02:12 - Scenario 1 - buy before selling
02:58 - Scenario 2 - Buy ahead of an inheritance, bonus or other
03:14 - Scenario 3 - Buy a fixer-upper
03:34 - Scenario 4 - Sell more than one property to buy another
04:14 - Scenario 5 - Try out renting your current home
04:40 - Scenario 6 - Lower your payment ahead of retirement
05:14 - Are all loans eligible for this?

#mortgagetips #recast #buybeforeselling

Julee Felsman, SVP of Mortgage Lending NMLS 120831
Guaranteed Rate, Inc.; NMLS 2611. Equal Housing Lender.
www.nmlsconsumeraccess.org
www.rate.com/licensing
www.rate.com/privacy

Branch address: 1300 SE Stark St 111, Portland, OR 97214
State Licenses:
AK - AK120831, AL - 73482, AR - 117882, AZ - 1002329, CA - CA-DBO120831, CO - 100514850, CT - LO-120831, DC - MLO120831, DE - MLO - 120831, FL - LO66603, GA - 67474, HI - HI-120831, IA - 34589, ID - MLO-2080120831, IL - 031.0056868, IN - 42483, KS - LO.0039957, KY - MC713848, LA - Licensed, MA - MLO120831, MD - 120831, ME - Licensed, MI - 120831, MN - MN-MLO-120831, MO - MO-120831, MS - 120831, MT - 120831, NC - I-187748, ND - NDMLO120831, NE - Licensed, NH - Licensed, NJ - Licensed, NM - Licensed, NV - 65660, NY - Licensed, OH - MLO-OH.120831, OK - MLO21956, OR - Licensed, PA - 74700, RI - Licensed, SC - MLO - 120831, SD - MLO.09183, TN - 203658, TX - Licensed, UT - 12003187, VA - MLO-41738VA, VT - VT120831, WA - MLO-120831, WI - 120831, WV - LO-120831, WY - 8673

Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, contact Guaranteed Rate for current rates and for more information. By refinancing, you may pay more in costs and interest over the extended term. Sample rate provided for illustration purposes only and is not intended to provide mortgage or other financial advice specific to the circumstances of any individual and should not be relied upon in that regard. Guaranteed Rate, Inc. cannot predict where rates will be in the future. Guaranteed Rate has no affiliation with the US Department of Housing and Urban Development, the US Department of Veterans Affairs, the US Department of Agriculture or any other government agency. Savings, if any, vary based on consumer's credit profile, interest rate availability, and other factors. Contact Guaranteed Rate for current rates. Restrictions apply.

All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Guaranteed Rate, Inc. does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Guaranteed Rate, Inc. Guaranteed Rate, Inc. its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action.

Content found in these videos is public information. However, all information including text, photographs, etc. is copyrighted and is protected by United States and international copyright laws. These videos may not be used, reproduced, or distributed for commercial purposes without prior written consent from Julee Felsman and Guaranteed Rate.