- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Recasting a mortgage
Posted on 11/23/16 at 6:53 pm
Posted on 11/23/16 at 6:53 pm
(no message)
This post was edited on 8/14/23 at 10:55 pm
2
Posted on 11/23/16 at 11:44 pm to TigerGrad2011
Posted on 11/26/16 at 7:24 am to Mr.Perfect
Recasting is a rare option. Call your mortgage company, they may not even allow it.
They also may require you make an additional lump sum payment. Some banks don't allow you to refinance based on LTV alone from your regular payments.
They also may require you make an additional lump sum payment. Some banks don't allow you to refinance based on LTV alone from your regular payments.
Posted on 11/28/16 at 7:54 am to TigerGrad2011
recasting and PMI have nothing to do with each other.
did you mean refinancing?
did you mean refinancing?
Posted on 11/28/16 at 1:10 pm to notsince98
(no message)
This post was edited on 8/14/23 at 11:18 pm
Posted on 11/28/16 at 2:04 pm to TigerGrad2011
PMI is not related to recasting. If you make a lump sum payment to get above your PMI threshold (22% equity?), then the PMI should come off unless you have some FHA loan.
Recasting has nothing to do with the PMI. If you have paid down extra principal and your lender allows recasting (or reamortizing), they just re-calibrate your monthly payments to lower them such that you still have the same final payoff date without changing your interest rate or loan terms.
You should be able to do these two things completely separate from each other assuming your loan allows both to be done.
Recasting has nothing to do with the PMI. If you have paid down extra principal and your lender allows recasting (or reamortizing), they just re-calibrate your monthly payments to lower them such that you still have the same final payoff date without changing your interest rate or loan terms.
You should be able to do these two things completely separate from each other assuming your loan allows both to be done.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News