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Recast, Don’t Refi: Cut Your Payment Without Starting Over
Manage episode 510358533 series 3675445
A tartalmat a Mortgage Research Network biztosítja. Az összes podcast-tartalmat, beleértve az epizódokat, grafikákat és podcast-leírásokat, közvetlenül a Mortgage Research Network vagy a podcast platform partnere tölti fel és biztosítja. Ha úgy gondolja, hogy valaki az Ön engedélye nélkül használja fel a szerzői joggal védett művét, kövesse az itt leírt folyamatot https://hu.player.fm/legal.
Most homeowners haven’t heard of a mortgage recast—but it can slash your monthly payment without a refinance, credit check, appraisal, or new term. Tim Lucas and Craig Berry break down how recasting works, who qualifies, and the key tradeoffs vs. just making a big extra principal payment.
In this episode you’ll learn:
- How a recast works: Make a lump-sum principal payment, pay a small admin fee, and your lender re-amortizes the remaining balance at your current interest rate and remaining term.
- The real-world math: On a $383,000 loan at 5.5%, a $150,000 lump sum could drop the payment from $2,271 → $1,382 (about $900/month).
- Recast vs. extra payment: Recasting prioritizes lower monthly payment; simply paying extra (no recast) can save ~$131,000 more interest and cut years off your loan. Pick based on cash-flow vs. total-interest goals.
- Who it helps most: Owners with low locked-in rates, retirees or anyone needing monthly relief, or buyers who purchase before selling and later apply sale proceeds to recast.
- What it costs & common rules: Typical minimums are $10,000 or ~10% of balance; fees often $250–$500; many (but not all) conventional lenders offer it; FHA/VA/USDA do not.
- Gotchas: You usually can’t “batch” small payments to reach the minimum; confirm servicer rules before sending funds.
Read the full guide:
https://www.mortgageresearch.com/articles/does-a-mortgage-recast-save-you-money/
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