To Cast or not to cast?
Mortgage Loan Recasting: Does it Make Sense to Reamortize?

A mortgage recast allows you to put a lump sum toward the principal balance on your mortgage to reduce your monthly payments. If you were to do this, your term and interest rate would remain the same. Recasting helps you to pay less on your monthly payments for the remainder of the loan without the need to refinance and can usually be completed in less than 60-days!

Deciding whether to recast your current mortgage requires you to evaluate the pros and cons before making your decision and be sure to have a conversation with your lender so you fully understand the process. Recasting typically offers two main benefits: 1) Lower Monthly Payments and 2) Paying Less Interest.

Just remember, recasting has absolutely no impact on the length of your mortgage. So if you recast 7 years into a 30-year mortgage, you will still have 23 years left on your term and your interest rate remains the same. If you have an interest rate of say less than 4%, this could work out really well for you. If you're interest rate is higher, it may actually make more sense to refinance. Once again, your best bet is to consult with your lender. Many of my clients have worked with Tiffany Swisher at Home Mortgage Alliance to recast their loans and have saved tens of thousands of dollars leveraging the power of this little-known mortgage tool.

Mortgage Loan Recasting : A Great Alternative to Refinancing


Tiffany Swisher

NMLS #406333



Home Mortgage Alliance
5440 Ward Rd. #110
Arvada, CO 80002
Mobile:  (303) 884-4137
E-mail:  tswisher@homemortgagealliance.com

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