recast vs refinance | BTCC Knowledge

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What is mortgage recasting?

Mortgage recasting is one way to reduce your monthly mortgage payments. It’s less common than refinancing or modifying a loan, and it’s rarely advertised, but it decreases mortgage payments for those who can apply a lump sum toward their loan’s principal. What is recasting your mortgage?

Which is better mortgage recast or refinance?

Mortgage Recast vs. Refinance: Which Is Better? Mortgage Recast vs. Refinance: Which Is Better? When you recast or refinance a mortgage, you might have lower payments and save on interest. Learn about the pros and cons of each approach.

What is the difference between recast interest and refinancing?

The recast interest would equal $70,820, while the total interest with refinancing would be only $62,504. What is more, the refinancing allows the borrower to save the extra principal payment of $40,000 used in the recast. Those funds could be invested and earn interest during those 15 years.

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