For many homeowners who are unable to refinance due to tighter underwriting standards, it may be worthwhile to explore the option of recasting your loan. In doing this you are actually re-amortizing the loan amount by paying an additional amount of principal into the loan. This will bring down your monthly payment and will result ion a dramatic savings in interest paid to the lender over the term of the mortgage loan. Lenders do not push these however because of the limit of profit when compared to refinancing. The other problem is that most loans are sold to investors who must approve any request to recast the loan. Such approvals can be difficult to obtain. Read more
The Law Office of William J. Reinhardt, Jr. is available to guide homeowners on all mortgage transactions. Call 718-377-8880 or send e-mail to email@example.com.