Should I recast my mortgage?

In this video, I talk about what mortgage recast as per the request of a subscriber. You can recast your mortgage loan with most lenders/servicers for a small fee. If you have questions about mortgage and want me to make a video, please feel free to request. I enjoy making videos and if enough people are curious, I will make a video on anything mortgage/ real estate related. Cheers!
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[peartfaldo]

I did this. took $480 off my monthly payment. I kept paying the original payment. Saves a ton in interest too. Just payed it off this past March 10th. No more M&T in my life;-) It only took 2 weeks to recast my loan. It DOESNT take that long.

[brianthomas]

I’m with wells Fargo. They require a minimum of $20, 000 down for a recast mortgage

[elainerahoy]

This makes sense to me vs. the long letter I received from the bank.

[GSum-sqdp]

I’ve been paying a lot extra every month on my 10 year mortgage that I refinanced 1 1/2 years ago at 2.125%. I’ve paid an extra $33k and owe about 104k still. My goal was to pay off the mortgage early. Now that rates are going up I have the option to recast and save about $350 a month that I could invest in something with much higher interest. I’m leaning towards recasting.

[Sam-at-PDX]

Decent video, but wish you talked about whether it makes a difference in the amount of interest you pay. I don't think it makes a difference, but would have been good to cover.

[macoy]

WoW… my loan did not mention this to us.

[jeffm]

My mortgage is serviced by PHH: $5k min., no fees

[MattTheMortgageGuy]

A listener asked about MORTGAGE RECAST specifically so I made this video. If you have any questions you would like me to answer feel free to post the topics below!

[aikolt]

How often I can recast? Because as I know it is only once over the life of the loan

[Cast]

I have a two family how thinking about recasting the home in the future because base on the mortgage 💸 I paying I still have to get money out my pocket two pay it I want to make it some that the home fully pay it self off the rent I get from the tenant.

[BigNoseDog]

4:46 please explain why you wouldn’t do that. If your mortgage payment is higher than you’d like and you can’t refinance to a lower payment without adding more years to your loan, then why wouldn’t you recast? Obviously, recasting isn’t worth it just to reduce your monthly payment by $50. That leads me to my next question. How much reduction either in dollars or percentage does recasting become worthwhile?

[lalonso]

Can you please explained which type of mortgage loans it only applies too. Not VA or FHA loans

[buscochamba]

but if i just wante to pay my mortgage faster so my overall mortgage cost gets reduced, I shall just do a principal reduction?

[manny]

This was easy to understand. Thank you

[paulocosta]

I have a below 3% interest on the mortgage and considering recasting since I am not confident the market this year will return higher than 3% on what is left over in my investments. Before they evaporate....does it make sense to you Matt?

[rsxaz]

HI there nice video, have a question. I have a 20yr mortgage @2.5%, 135K balance, I already prepaid principal $15k, recently had a nice bonus/ inheritance and wanted to throw about $50k more at it, then recast. I like the flexibility of having lower payment, but would likely keep making same payment to pay off faster, I could pay off the full Bal now, but prefer a hybrid approach of doing this and also investing other places for higher returns. I plan on calling servicer tomorrow to see how much recast fee is. Wondering your thought on my plan? or should I just pay it off and be done? Appreciate any advice. thank you

[Houdini-qw]

Great vid . If refinance before fixt term ends do the charges for ending fixed term apply

[fcsuper]

Video's core content starts at 1:14.

[Specter]

I've been making double-triple payments when I can, and have always paid extra. I'm only 10 years into my 30 year loan, but owe less than 20% of my original principle. If I were making minimum payments, I'd be in the middle of year 27 before I had this remaining balance.

Does it make sense to recast now, but continue to make my current large payments with hopes of paying it off even faster?

In other words, would a larger portion of each payment go to principle after recast, or would the same amount go to tax and insurance each month with everything else going to principle, they just expect less principle each month?

I'm pretty sure it's the latter and it wouldn't make sense for someone like me, but wanted to verify.

[apthy]

With everyone getting locked into sub 3% fixed late loans, is recasting basically their best form of 'refinancing?'