5 Reasons to Refinance Your Mortgage 5 Reasons to Refinance Your Mortgage. by Cory Gabor. October 12, 2016 . Are you ready to lock yourself into a lower interest rate or pull some cash out? While those may be the most popular reasons to refinance, there’s many other reasons, depending on your unique financial situation and goals..
The Third Option. You can choose to prepay your principal earlier without recasting or refinancing. This is accomplished by making additional payments on top of your current monthly mortgage payment. By doing this, you can save money on interest and pay your mortgage off early.
So, if you can prepay your loan but can’t refi, you can PreFi your mortgage and get virtually the same savings! Also, if you have a specific interest rate in mind — that you would like to prepay your mortgage as though it has a 2% interest rate, for example — you’ll want to also check out HSH’s LowerRate SM Prepayment Calculator!
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.
Refinance, recast or pay down your mortgage?. to make sure there’s no prepayment penalty for making a big additional principal payment or for refinancing your loan so soon after your initial.
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Even if rates are increasing now, that doesn’t mean they won’t be on the downturn when you arrive at your potential adjustment point. Many arm mortgage holders never refinance. term with no.
Recasting vs. shortening your mortgage. You really have to know your plan for your mortgage and run the numbers to figure out the best option for you. If you plan on consistently over-paying your mortgage, then recasting won’t provide much of a benefit.
. can save you money on legal fees normally associated with a traditional mortgage refinance. There’s never a bad time to look closely at your mortgage options – especially when you work through.
The best portability options afford you: The lender’s best rates if you need to add money to the mortgage. prepayment privileges, bigger prepayment charges (aka, penalties) and/or a restriction.
It’s a once-in-a-generation opportunity to improve your cash flow by, among other things, refinancing your mortgage. most 30-year mortgages give you the option of paying on a 15-year schedule. So.
· 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.