Ever wondered how you can lower your mortgage payment without refinancing? If you already have a great interest rate, mortgage recasting might be the perfect solution for you.
In this video, we talk about something many homeowners don’t know about: mortgage recasting. Here’s how it works. You make a large lump sum payment, maybe from an inheritance, a bonus at work, or selling another property. Then, you call your lender and ask about recasting. They’ll tell you the minimum amount needed, and if you qualify, they’ll recalculate your monthly payment based on your new, lower loan balance.
The best part? You keep your same interest rate and loan terms. No refinancing needed! There’s usually a small fee, but it can lead to big savings on your monthly payment.
So, when does recasting make sense? If you plan to stay in your home for the long term and want to lower your monthly bill, it’s a smart move. But if you need a lower interest rate, have a loan that doesn’t allow recasting, or plan to move soon, it might not be the right option for you.
Not every loan allows recasting, so check with your lender. If you’re looking for a way to save money every month without refinancing, mortgage recasting is a tool you should definitely know about.
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For more information visit http://www.DianaGeremia.com or give me a call at (703) 587-5403.
My name is Diana Geremia. I am a real estate agent in Loudoun County, Virginia. I have over 17 years of real estate agent experience! I have lived in this area all of my life and in Loudoun County for 26 years. I love what I do and love where I live!
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This is not legal advice, nor can I give you legal advice. Everything here is for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Nothing here should be construed to form an attorney client relationship. Diana Geremia does not render or offer to render her personalized investment advice, tax advice, or real estate investment advice. The information provided is for informational purposes only.
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Diana Geremia Long and Foster, Purcellville, VA
📞 703-587-5403
💌 [email protected]
🖥 http://www.DianaGeremia.com
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