Want to Cut Your Mortgage Payment…Here's a New Way!

Want to sleep better at night about your mortgage payment?  Well here’s how!

They say that you can skip refinancing now if you want to lower your payments or reduce your interest rate.

They call it recasting and it eliminates the fees and credit requirements of refinancing.

Recasting works well for those unable to qualify for refinancing amid the ever-toughening credit guidelines for whatever reason that may be.  You may have low credit or have been self-employed.

How does it work?

You have your San Diego real estate, you pay off a lump sum of the principal amount on it, some banks have a minimum that this has to be, the highest I heard was $5,000.00.  This lump sum is applied only to your principal so that your new monthly payments decrease and you save on interest paid over the life of the loan.

You can also ask to have the monthly payments reset according to the original interest rate and loan terms.

There are no closing costs or credit check.

Lenders would probably rather earn thousands of dollars in closing costs by refinancing your loan, so they’re not obligated to “recast the mortgage.”  Therefore there are some criteria, for example no loans owned by the Federal Housing Administration or the Department of Veteran’s Affairs, no interest-onlyor adjustable-rate laons.  Also, if your intereste rate is 5% or lower it probably won’t make sense to recast the loan.

If you would like more info contact us at [email protected]