Can't refinance? Consider a 'recast' instead

If you have found that a refinancing is not for you, there may be another option to lower your monthly mortgage payments - if you can pull together some cash."Recast", also called re-amortization, is a little known way to shrink your monthly house payment. Recast involving a payment of a lump sum towards your mortgage, and then adjust your payment to reflect your new balance.Although not every lender offers recast as an opportunity for their mortgage borrowers, some offer this service for as little as $ 150, a considerable saving compared with closing costs of refinancing. The only catch is that you may need to write a fairly large sum to the mortgage principle, to get started - possibly $ 5,000 or more.Not all loans are eligible for loans recast. Conventional loans and conforming Fannie Mae and Freddie Mac loans are the most common loans to be eligible for loans recast, but FHA and VA loans can not be recast. Generally, fixed-rate mortgages most commonly, to recast, but some lenders can provide recasting on adjustable rate mortgages (ARMs) or jumbo loans.Why consider a loan recast?As with virtually all mortgage decisions, you should consider your individual circumstances before deciding on a loan recast. For example, if your mortgage rate is significantly above the current market conditions, it may be a better transition to refinance your loan for a lower mortgage rate. If your goal is to pay off your mortgage faster, you may be better off with extra payments on either a bi-monthly or make an extra payment per year as a loan recast not shorten your loan term.But a loan recast can be a good choice if you can not qualify for a home refinance because of credit problems. When you request a loan recast, you are not applying for a new loan, but simply to adjust the payments on your current loan.Homeowners who receive a large bonus or an inheritance are prime candidates for a recast. You can use a mortgage calculator to see what your payments will be on your new loan balance after the process is through.Loan recast home sale transactionSome homeowners may choose a loan recast when selling one home and buying another. Although it may be hard to coordinate your home sale and your purchase if you have money to pay two mortgages at once, a loan recast to help.When your previous home sells, you can use the profits from the sale to pay down the balance on your new loan and reduce your monthly payments. Most lenders will not allow a reworked within 90 days from the start loan repayments, so you may need to wait a while before you are eligible for a recast in this scenario.Always review your overall financial plan, when considering a loan recast. If you have extra cash, you may find it wiser to use it for your retirement or to pay other debt. But if a lower monthly mortgage payment is high on your priority list could be recast to be the right solution for you.


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