A Low Cost Alternative to Refinancing
A Low Cost Alternative to Refinancing
A Low Cost Alternative to Refinancing
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January 19, 2011 (Shirley Allen)
mortgage-save-money-image
Wouldn’t it be great if you ran into some money and you could take that money and make a lump sum payment towards your mortgage and then have your mortgage reset according to the original interest rate and loan terms?

Well for some, they can! A little known strategy, called ”re-casting,” or ”re-amortization,” is available through some mortgage lenders and servicers. The lump sum reduces the principal, so your new monthly payments decrease slightly and you save on interest paid over the life of the loan.

Lenders typically charge an administrative fee of $150 or more for this service, though borrowers are not required to pay closing costs or submit to another credit check, because they are not asking for a new loan.

Few, if any, lenders advertise recasting and they aren’t obligated to recast mortgages but according to Alan Rosenbaum, the founder and chief executive of the Guardhill Financial Corporation in New York, ”They are trying to become more customer-service-oriented, and they will do it on a case-by-case basis.”

Here’s one scenario: $230,449 is left on a 30-year fixed rate loan for a $300,000 mortgage taken out at 7.93 percent in 1995. The borrower pays $20,000 toward the principal and asks the lender to re-amortize their payments over the remaining 15 years of the loan. The monthly payment then drops by $52, from $2,187 to $2,135 per month. ($100,000 toward the lump sum would save $730 a month.)

Lenders typically charge an administrative fee of $150 or more for this service, though borrowers are not required to pay closing costs or submit to another credit check, because they are not asking for a new loan and some lenders may require a minimum lump sum payment.

Certain types of mortgages, for example interest-only and adjustable-rate loans, usually aren’t eligible. The borrower will also need to have been current with all mortgage payments to qualify.

So if you come across some windfall cash or maybe you’re going to get a big income tax refund, put it to use in a way that can save you even more down the road!

Tags: mortgage reset, interest rate, loan terms, mortgage lenders, mortgage servicers, lenders, borrowers, re-casting, re-amortization

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
HOW LOANRATENETWORK
LOAN CENTER WORKS
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Helpful Tools
Mortgage
Calculator

Estimate your monthly mortgage payment
Auto Loan
Calculator

Determine how much car you can afford before buying
Learn About
Mortgage Loans

Learn about the different types of home loans
15 Year vs 30 Year
Loan Comparison

Compare 15 year and 30 year mortgage loans
Todays Mortgage
Rates

See today's mortgage rates. Shop, compare and save.

January 19, 2011 (Shirley Allen)
mortgage-save-money-image
Wouldn’t it be great if you ran into some money and you could take that money and make a lump sum payment towards your mortgage and then have your mortgage reset according to the original interest rate and loan terms?

Well for some, they can! A little known strategy, called ”re-casting,” or ”re-amortization,” is available through some mortgage lenders and servicers. The lump sum reduces the principal, so your new monthly payments decrease slightly and you save on interest paid over the life of the loan.

Lenders typically charge an administrative fee of $150 or more for this service, though borrowers are not required to pay closing costs or submit to another credit check, because they are not asking for a new loan.

Few, if any, lenders advertise recasting and they aren’t obligated to recast mortgages but according to Alan Rosenbaum, the founder and chief executive of the Guardhill Financial Corporation in New York, ”They are trying to become more customer-service-oriented, and they will do it on a case-by-case basis.”

Here’s one scenario: $230,449 is left on a 30-year fixed rate loan for a $300,000 mortgage taken out at 7.93 percent in 1995. The borrower pays $20,000 toward the principal and asks the lender to re-amortize their payments over the remaining 15 years of the loan. The monthly payment then drops by $52, from $2,187 to $2,135 per month. ($100,000 toward the lump sum would save $730 a month.)

Lenders typically charge an administrative fee of $150 or more for this service, though borrowers are not required to pay closing costs or submit to another credit check, because they are not asking for a new loan and some lenders may require a minimum lump sum payment.

Certain types of mortgages, for example interest-only and adjustable-rate loans, usually aren’t eligible. The borrower will also need to have been current with all mortgage payments to qualify.

So if you come across some windfall cash or maybe you’re going to get a big income tax refund, put it to use in a way that can save you even more down the road!

Tags: mortgage reset, interest rate, loan terms, mortgage lenders, mortgage servicers, lenders, borrowers, re-casting, re-amortization

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
HOW LOANRATENETWORK
LOAN CENTER WORKS
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Helpful Tools

January 19, 2011 (Shirley Allen)
mortgage-save-money-image
Wouldn’t it be great if you ran into some money and you could take that money and make a lump sum payment towards your mortgage and then have your mortgage reset according to the original interest rate and loan terms?

Well for some, they can! A little known strategy, called ”re-casting,” or ”re-amortization,” is available through some mortgage lenders and servicers. The lump sum reduces the principal, so your new monthly payments decrease slightly and you save on interest paid over the life of the loan.

Lenders typically charge an administrative fee of $150 or more for this service, though borrowers are not required to pay closing costs or submit to another credit check, because they are not asking for a new loan.

Few, if any, lenders advertise recasting and they aren’t obligated to recast mortgages but according to Alan Rosenbaum, the founder and chief executive of the Guardhill Financial Corporation in New York, ”They are trying to become more customer-service-oriented, and they will do it on a case-by-case basis.”

Here’s one scenario: $230,449 is left on a 30-year fixed rate loan for a $300,000 mortgage taken out at 7.93 percent in 1995. The borrower pays $20,000 toward the principal and asks the lender to re-amortize their payments over the remaining 15 years of the loan. The monthly payment then drops by $52, from $2,187 to $2,135 per month. ($100,000 toward the lump sum would save $730 a month.)

Lenders typically charge an administrative fee of $150 or more for this service, though borrowers are not required to pay closing costs or submit to another credit check, because they are not asking for a new loan and some lenders may require a minimum lump sum payment.

Certain types of mortgages, for example interest-only and adjustable-rate loans, usually aren’t eligible. The borrower will also need to have been current with all mortgage payments to qualify.

So if you come across some windfall cash or maybe you’re going to get a big income tax refund, put it to use in a way that can save you even more down the road!

Tags: mortgage reset, interest rate, loan terms, mortgage lenders, mortgage servicers, lenders, borrowers, re-casting, re-amortization

HOW LOANRATENETWORK
LOAN CENTER WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.