Refi, Recast, or Prepay? Options for your Mortgage

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If you’re looking to save money on your mortgage, you have several options.Refinancing and recasting a mortgage will both bring savings, including a lower monthly payment and the potential to pay less in interest costs.But the mechanics are different, and there are pros and cons with each choice, so it’s critical to choose the right one.

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The decision on how to finance the pool depends on the interest rate on your existing mortgage, the equity in your home and how long you plan to be in the house. A cash-out refinancing makes. sure.

A mortgage refinance basically involves payment of the home’s original mortgage with a new mortgage. Prepaying a mortgage is the same as paying the mortgage down. You make extra payments to reduce your balance and the amount of interest paid on the debt. Depending on your lifestyle choices, a mortgage refinance or prepayment may be a wise decision.

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Pay Off Mortgage Or Keep Cash? 7 refinancing options you need to know about. January 8, 2018. Refinancing can lower your monthly payment, save money over the life of your loan, and help you own your home free and clear sooner.

A mortgage recast allows you to pay down the principal of your loan and receive a new monthly payment schedule based on a lower loan balance. We’ll explain the key differences between recasting and refinancing, and how to tell which is the best option for you, given your financial situation and goals.

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A recast is also different from merely sending in a lump sum to prepay your mortgage. and a recast may be a better option. Pros of a recast mortgage. Mortgage Recast vs. Refinance: Which is Best? – SOCLOAN – If you’re looking to save money on your mortgage, you have several options. Refinancing and recasting a mortgage will both bring.

"Recasting your mortgage is a great option if you want to lower your monthly payments and have the funds to make a lump sum payment to your lender," says. mortgage prepayment refinancing. A mortgage refinance basically involves payment of the home’s original mortgage with a new mortgage. Prepaying a mortgage is the same as paying the mortgage.