{"id":1271,"date":"2021-03-01T10:00:24","date_gmt":"2021-03-01T15:00:24","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=1271"},"modified":"2024-04-25T23:20:03","modified_gmt":"2024-04-26T03:20:03","slug":"fine-tuning-your-mortgage-can-a-recast-loan-make-sense","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/fine-tuning-your-mortgage-can-a-recast-loan-make-sense\/","title":{"rendered":"Fine-Tuning Your Mortgage: Can a Recast Loan Make Sense?"},"content":{"rendered":"\n<figure class=\"wp-block-image alignright is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/03\/recasting-a-home-loan.jpg\" alt=\"Image of people reviewing legal documents on a table with pens in hand. Captioned: Fine-Tuning Your Mortgage: Can a Recast Loan Make Sense?\" class=\"wp-image-1272\" width=\"480\" height=\"320\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/03\/recasting-a-home-loan.jpg 640w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/03\/recasting-a-home-loan-300x200.jpg 300w\" sizes=\"auto, (max-width: 480px) 100vw, 480px\" \/><\/figure>\n\n\n\n<p>A recast mortgage could be an option for homeowners who need\nto tweak their mortgage payments. Most big banks allow at least one recast for a\nclient with a conventional (Fannie Mae or Freddie Mac) mortgage loan.<\/p>\n\n\n\n<p>To recast the loan, the owner makes a lump-sum payment to\nthe loan principal. The minimum amount that has to be made is the lender\u2019s call.\nThe lender then issues a new amortization schedule, now with lower payments. Reducing\nthe debt left on the loan principal means there is now less interest to pay. <\/p>\n\n\n\n<p>In short, the main idea with a loan recast is keeping the\nsame loan terms \u2014 especially important to people whose loans already have low\ninterest rates, and those who wish to avoid resetting the term of years \u2014 but lightening\nthe monthly payment due from here on. A recast can be an appealing prospect for\na homeowner who\u2019d like to lower the principal in one fell swoop, leaving the\nlength of the loan as it is, only with lower future payments. <\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\">What Are the Main Pros and Cons of a Mortgage Loan Recast? <\/h2>\n\n\n\n<p>The pros are based on the situation. For example, a\nhomeowner might have a good deal of cash at a given time. Perhaps the homeowner\ninherited money, sold a property, or received a sizable bonus. At these times, a\nloan recast is just one way to adopt a disciplined spending pattern. By allocating\na substantial sum of money to the home debt now, the owner has eased the\nmonthly mortgage debt responsibility later. That can create greater peace of\nmind. <\/p>\n\n\n\n<p>Now, what about the times when a recast loan is <em>not<\/em>\nthe right option? What are the disadvantages? <\/p>\n\n\n\n<p>Not surprisingly, there are fees to pay for the recast\nprocessing, although not as high as with many other loan products. If you have\na large sum of money to put into your home equity, then you\u2019re not likely to\nsweat a few hundred dollars, at most, in fees.<\/p>\n\n\n\n<p>Still, there are a number of questions to ask before requesting\na recast: <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Is your current interest rate low, and are you\nhappy keeping it? A loan recast will allow you to do so.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Did you pay off your higher-interest credit debt\nfirst? Addressing the drag of high-interest debt should be a homeowner\u2019s\nfinancial priority.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>After paying the lump sum into the mortgage, will\nyou have adequate money on hand in a savings account in case you need it? Although\nrecasting a mortgage is a quick and effective way to lighten the weight of debt,\nare you sure you want to tie up so much money in your home?<\/li><\/ul>\n\n\n\n<p>If you\u2019ve thought through the ramifications and choose to\nrecast, you\u2019re injecting money into your house. Monetary value, once placed\ninto the house, becomes unavailable for other uses, or for other investments.\nTherefore, some would argue that recasting a loan is a waste of good debt. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Why Recast, and Not Refinance?<\/h2>\n\n\n\n<p>The recast is a relatively uncomplicated process, compared\nto refinancing. It\u2019s also a less costly, less intrusive process than\nrefinancing. But why exactly would a homeowner decide to recast a mortgage? <\/p>\n\n\n\n<p><strong><em>When the homeowner is not\ncurrently eligible for refinancing.<\/em><\/strong><\/p>\n\n\n\n<p>A further reason to consider a\nmortgage loan recast involves the common situation in which a homeowner cannot\nget approved for a refinanced mortgage at the moment, due to a credit score\nissue or something else. The recast can help the homeowner pay the mortgage\ndown faster by recasting the principal and continuing to make payments on\nschedule until mortgage approval becomes possible.<\/p>\n\n\n\n<p><strong><em>When the homeowner plans to\nmake a change to a lower-income job situation. <\/em><\/strong><\/p>\n\n\n\n<p>Maybe the owner is aiming to work fewer hours a week, and needs an easily manageable monthly payment obligation in the years ahead. Maybe the homeowner is already experiencing the current monthly mortgage payment as a heavy drag on income. If a monthly mortgage payment is too onerous and the homeowner can inject a sizable sum now to bring total monthly housing costs below 28% of regular monthly income, <a href=\"https:\/\/www.experian.com\/blogs\/ask-experian\/how-much-to-spend-on-a-mortgage-based-on-salary\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">as credit bureaus recommend<\/a>, then recasting may be a good move. These circumstances present sensible reasons to pay more now and have a lighter load later \u2014 not to change any other terms of the loan. <\/p>\n\n\n\n<p><strong><em>When the borrower is buying a\nnew home and selling another.<\/em><\/strong><\/p>\n\n\n\n<p>Another time a homeowner might ask\nfor a recast, not a refinance, is soon after buying a new home. Few owners are\nready to refinance immediately after buying, but they can be in the position to\ntake profit earned from the sale of a previous home, and inject it into the new\nhome\u2019s mortgage through a recast. So, for example, a buyer might put the\nminimum amount down on a new home, then sell the current home, and direct\nprofits from a sale to a recast on the new home \u2014 cutting the principal and lightening\nthe monthly debt from here on.<\/p>\n\n\n\n<p><strong>\u261b<\/strong><strong> <em>Deeds.com <\/em>offers some further ideas for\nour readers who are looking to <a href=\"https:\/\/www.deeds.com\/articles\/pulling-it-off-how-to-sell-your-current-home-while-buying-the-next-one\/\">sell\none home while buying the next<\/a>.<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Refinancing Is an Intensive, Costly Process That Impacts the Title.\nRecasting Is Different. <\/h2>\n\n\n\n<p>Refinancing is time-consuming and paperwork-heavy. And, as\nwe\u2019ve noted, depending on which way the interest rates are moving, refinancing can\nbe a financial mistake. The owner with a low interest rate has little incentive\nto apply for a loan with a different rate and timeline. <\/p>\n\n\n\n<p>Moreover, the loan payoff timeline would probably be extended\nin refinancing. Usually, getting a new mortgage resets the term of years the owner\nwill be paying it off. For the first few years of holding a new mortgage, the\nborrower is mainly paying off interest, and paying a lesser amount into the principal.\nBy refinancing and resetting the loan \u2014 unless rates have gone down remarkably\nsince the current mortgage agreement \u2014 a homeowner could increase the interest\ndue over time. <\/p>\n\n\n\n<p>But by recasting the loan, the homeowner slashes the\nprincipal. Thus, as long as the homeowner\u2019s interest rate is fixed at a decent rate,\nrecasting can make sense. <\/p>\n\n\n\n<p>Recasting doesn\u2019t require the homeowner to apply for a new\nmortgage and go through the appraisal and closing process. No papers need to be\ndrafted and signed. There is no new lien on the title.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What Are the Chief Alternatives to Mortgage Recasting <em>and<\/em> Refinancing?<\/h2>\n\n\n\n<p>Not all lenders are going to permit mortgage recasting. But\nmost mortgage agreements do allow the borrower to make early payoffs. The\nborrower may simply go on the mortgage servicer\u2019s website, and make a lump-sum\npayment on the mortgage principal. This will decrease the loan balance, while monthly\npayments stay the same. In this way the borrower can pay off the loan earlier,\nand pay less interest overall. Paying more into the loan in this simple way may\nbe advantageous, even if the overall savings aren\u2019t quite as much as the\nborrower would get through a recast. For one thing, by simply paying a desired\nextra amount straight into the mortgage, the borrower needn\u2019t deal with the\npayment minimum of a recast loan.<\/p>\n\n\n\n<p>Another way the borrower can stay on top of the mortgage is to pay a little more into the principal each month. Again, the borrower would simply go onto the mortgage servicer\u2019s website and add extra to the monthly autopay. Set and forget. The big advantage here? If the borrower ever has to confront serious financial difficulties, it\u2019s no problem to shift gears, change the monthly amount back down to where it was, and reserve more cash from then on.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Moving Forward\u2026<\/h2>\n\n\n\n<p>Banks generally don\u2019t advertise loan recasting, but many\noffer it upon request. If the option is there, it\u2019s a good way to preserve the mortgage\nagreement\u2019s terms, yet shrink the principal left on the loan and lighten your\nmonthly payment obligation.<\/p>\n\n\n\n<p>But recasting is certainly not the only choice. If you\u2019re\nnot sure which way to go, ask your mortgage broker to look at the numbers and\nplot out potential savings for each of your options. &nbsp;<\/p>\n\n\n\n<p class=\"has-small-font-size\">Photo credit: <a href=\"https:\/\/pixabay.com\/photos\/laptop-office-hand-writing-3196481\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Aymanejed<\/a>, via Pixabay.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A recast mortgage could be an option for homeowners who need to tweak their mortgage payments. Most big banks allow at least one recast for a client with a conventional (Fannie Mae or Freddie Mac) mortgage loan. To recast the loan, the owner makes a lump-sum payment to the loan principal. The minimum amount that [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-1271","post","type-post","status-publish","format-standard","hentry","category-general"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Fine-Tuning Your Mortgage: Can a Recast Loan Make Sense? - Deeds.com<\/title>\n<meta name=\"description\" content=\"...to tweak their mortgage payments. 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