Recasting vs Refinancing: The Mortgage Strategy Most Homeowners Miss

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Most homeowners think the only way to lower their mortgage payment is to refinance. But there’s another strategy many people overlook — recasting your mortgage.

Here’s the difference.

When someone refinances, they apply for a completely new loan. That means going through the full process again:
• credit check
• income verification
• appraisal
• closing costs
• and often resetting the loan term.

A mortgage recast works differently.

Instead of replacing the loan, the homeowner makes a large lump-sum payment toward the principal balance. The lender then re-amortizes the loan, which lowers the monthly payment without creating a new mortgage.

No new loan.
No credit check.
And typically a much smaller administrative fee.

Are you're thinking about purchasing a home in Maryland, or any other of our licensed states (CA, CO, CT, DC, DE, FL, PA, SC, TX, VA)? We'd love to help you navigate the home loan process! Whether you’re a first-time home buyer, moving up, down-sizing or an investor, just give us a call, shoot us a text, send us an email, or schedule a Zoom call, and we'd love to help you finance your next home and make it as smooth as possible!
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