{"id":1401,"date":"2025-04-19T12:21:29","date_gmt":"2025-04-19T12:21:29","guid":{"rendered":"https:\/\/staging8.dynaserverx.com\/newenglandtrust.com\/?post_type=newsletter&#038;p=1401"},"modified":"2025-04-19T12:21:29","modified_gmt":"2025-04-19T12:21:29","slug":"a-mortgage-recast-is-an-alternative-to-refinancing","status":"publish","type":"newsletter","link":"https:\/\/staging8.dynaserverx.com\/newenglandtrust.com\/newsletter\/a-mortgage-recast-is-an-alternative-to-refinancing\/","title":{"rendered":"A Mortgage Recast Is an Alternative to Refinancing"},"content":{"rendered":"<ul>\n<li>You have extra cash on hand, perhaps from a bonus or an inheritance. It\u2019s sitting in a low-yield account.<\/li>\n<li>You are close to retirement or retired. You want to keep your home but lower your monthly expenses.<\/li>\n<li>You bought a new home with a smaller down payment than you intended because your old home is still on the market. But once your old home sells, the proceeds can be applied to your new mortgage through a recast.<\/li>\n<\/ul>\n<p>Refinancing your mortgage may be a better option if your goal is to pay off your loan faster by shortening the term, or if you want to lower your interest rate or obtain cash. But if your objective is simply to lower your monthly payment and save on interest charges, then recasting your mortgage may be appropriate.<\/p>\n<p>Recasting is generally simpler and less expensive than refinancing because you\u2019re keeping the same mortgage instead of applying for a new one. It doesn\u2019t require an extensive application, a credit check, a new appraisal, or closing costs, though you typically will need to pay a processing fee.<\/p>\n<h2>Check with your lender<\/h2>\n<p>Not all mortgage lenders offer recasts, and some types of loans, including FHA, VA, USDA, and certain jumbo loans are not eligible for recasting. If you do qualify for a recast, your lender will give you more details about the process.<\/p>\n<p>You may be able to recast once you\u2019ve increased your equity by making extra payments or by paying a lump sum toward your mortgage balance. Minimums vary, but the additional principal required may be as little as $5,000. Of course, the more you put toward your principal, the lower your future monthly mortgage payment. If you are currently paying principal mortgage insurance (PMI), putting a lump sum toward your mortgage may help erase that, further lowering your monthly payment.<\/p>\n<p>One drawback of a mortgage recast is that it could tie up money you might need later for other purposes. To access your equity in the future, you may need to refinance, take out a home equity loan, or even sell your home.<\/p>\n<p>This information is not intended as tax, legal, investment, or retirement advice or recommendations, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek guidance from an independent tax or legal professional. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. This material was written and prepared by Broadridge Advisor Solutions. \u00a9 2025 Broadridge Financial Solutions, Inc.<\/p>\n","protected":false},"featured_media":1405,"template":"","meta":{"_acf_changed":false},"newsletter-category":[34],"class_list":["post-1401","newsletter","type-newsletter","status-publish","has-post-thumbnail","hentry","newsletter-category-january"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.3.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>A Mortgage Recast Is an Alternative to Refinancing - New England Trust<\/title>\n<meta name=\"description\" content=\"In Evanston, IL, Robard Flaremoor offers Financial Planning Services &amp; Financial Advice. \u2018Financial Services\u2019 from College Funding to Wealth Protection. \u2018Tax Services\u2019 include Tax Preparation, Tax Reduction, and Tax Management\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/staging8.dynaserverx.com\/newenglandtrust.com\/newsletter\/a-mortgage-recast-is-an-alternative-to-refinancing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A Mortgage Recast Is an Alternative to Refinancing - 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