You Could Save Money With A Mortgage Recast | Marimark Mortgage

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While mortgage recasting is a lesser known way to save on monthly. With the increase in cashflow, you now have more money to chip away at the next loan.. You can start by paying off the loan with the highest interest rate.

To recast a mortgage loan, you need a lump sum of money to put. sum will decrease the principal on the loan, meaning you'll save on interest.

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$29,040.00 – $20,000 (initial lump sum) = $9,040 in total savings. By deciding to recast your mortgage, you can save thousands of dollars in the.

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Here's what I learned about mortgage recasting: Most banks charge a fee ( usually around $250-$500) for processing. You will need a.

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Whether you’re determining how much house you can afford, estimating your monthly payment with our mortgage calculator, or looking to prequalify for a mortgage, we can help you at any part of the home buying process. See our current mortgage rates.