The All My Sons of Jacksonville movers found out there’s a different way to lower your monthly house payments. Recasting, also known as reamortization, involves paying a lump sum toward your mortgage and then readjust the payment to reflect your new balance. Not every bank offers this service though but those that offer it to their homeowners do it for as little as $150. This fee is a huge difference compared to the closing costs involved with typical refinances that can go up to the thousands of dollars. However, the downside the local Jacksonville movers learned is that this lump sum for refinancing can be as much as $5000.
Besides not every lender offering recasting, not every loan is eligible either. Conventional loans as well as Fannie Mae and Freddie Mac ones are the most common loans eligible for recasting. Loans through the Federal Housing Administration and Department of Veteran Affairs cannot be recast. The local Jacksonville moving specialist wonder what do you think about recasting. Can it help your lower your monthly mortgage payment? Is it a true alternative when refinancing a home is not possible?
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