Do you have extra cash and a want to lower your monthly mortgage payments? Are you worried about applying for a new mortgage loan because of strict credit guidelines? Mortgage Recasting could be right for you.
What is a Mortgage Recast?
Mortgage Recasting is changing or modifying the terms of a nongovernment-type loan (FHA, USDA, VA). The mortgage loan has to be at least 120 days old to be eligible for recast. This process is handled after closing on a case-by-case basis and can be handled by any mortgage servicer. While any servicer can recast, there is no guarantee that they will – they are by no means obligated.