How many times can I recast my mortgage?
You can recast your mortgage multiple times, depending on your lender’s policies. However, each recast may involve a fee.
Is there a cost to recast my mortgage?
Yes, there is typically a fee for recasting a mortgage, which varies by lender. It’s usually around $250 to $500.
Should I recast my mortgage?
A mortgage recast is beneficial if you want to lower your monthly payments without refinancing and incurring closing costs. It’s especially useful if you have a large sum of money to apply towards your mortgage principal.
How do I request a mortgage recast?
You need to submit a written request to your mortgage servicer, who will provide specific instructions and details about the process.
Can I recast any type of mortgage?
Not all mortgages qualify for recasting. Government-backed loans, such as FHA, VA, and USDA loans, typically do not allow recasting.
