HOW DO I RECAST MY MORTGAGE | WHAT IS RECASTING?

Curious about how to recast your mortgage? Which is better recast or refinance? Watch to learn more!

In this video I'll cover:
00:00 Introduction
00:20 What is Recasting a Mortgage?
01:06 Why is Recasting a good strategy?
03:06 Finance Example
04:22 Recast vs Refinance
6:00 How do I recast my Mortgage?
6:42 Qualification Information
07:34 Reasons why you might Recast your Mortgage

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KELLY ZITLOW, NMLS 164330
Sr. Mortgage Advisor
EVP, Sales & Marketing
480.725.0150

Kelly Zitlow is a Public Speaker, Sr. Mortgage Advisor & EVP of Sales & Marketing with Cornerstone Home Lending, a Division of Cornerstone Capital Bank, SSB. All information presented is for educational purposes only and is used to help you as the viewer in your home buying or selling process.

Cornerstone Home Lending, a Division of Cornerstone Capital Bank, SSB. Cornerstone Capital Bank, SSB. Member FDIC. NMLS ID# 2258 | Equal Housing Lender 14635 | N Kierland Blvd Ste 140, Scottsdale, AZ 85254

#recasting #refinancing #mortgage

[teresab]

I may be doing that when buying my next house

[rlong]

I am in the process of recasting my loan. I made a $50, 000 payment on my home loan, dropping my payment to almost half, $43, 000. I did this to make my minimum payment if I ever need it, (400.00). I am making payments to pay it off much earlier, but it was an insurance policy. Upon paying my mortgage, I will be DEBT

[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.

[ToOpenseven]

What is tough is when you home is not paid for and you want to purchase another home, so for however long it takes you to sell you existing home, you will have to pay two mortgage payments. Other than that recasting is a great idea.

[Pinkkarl]

Can you recast your loan down to anything ever if it’s like $10 a month

[klutchgrove]

Does a recast restart the amortization schedule back to payment #1 when you are paying most of the money to the bank? Does it make sense for me to recast my mortgage after I've had it for 10yrs?

[iamthelaw]

What's the minimum percentage of having a mortgage paid off to do a recast? Doesn't make sense jus to recast and payments are roughly $100 off.

[patrickdgarez]

Thank you very much for the explanation. Should you have time...as an agent, I have not run into this scenario yet but I read somewhere that it isn't possible to recast FHA and VA loans. Is there a reason for this? And if true, would refinancing be the only option?

[paulgrice]

I am considering making a lump sum payment and recasting my mortgage.

I have been listening to many youtube videos to learn about it.

I recently found 1 of those mortgage recast calculators.

I put all my information in and it calculated my new principal balance, my new monthly payment and my new term - which was 10 years less than my original term.

From what I have learned about recasting the term should remain the same - Is this recast
calculator correct / accurate?

Do you have a mortgage recast calculator link to share?

Thank you!

[sergioblanco]

Does recasting reset your loan length? For example, if you’ve already paid 5 years out of a 30 year loan, will recasting reset the loan back to 30 years?

[sergiohernandez]

Does desert financial offer recast option? ive paid over $10k this year towards my mortgage and just today ive became aware about recast. can i request it after making the big payment?

[applejack]

Beautiful eyes, you have those I dream of Jennie eyes
I enjoy you videos also, very helpful