The Pros of a Mortgage Recast You Won’t Pay closing costs recasting your mortgage doesn’t require the lender to underwrite your loan. The lender doesn’t even have to do any major work on it.
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Recasting will reduce your mortgage. Refinancing will get you a lower interest rate and possibly a lower overall cost of your mortgage. But getting rid of a mortgage has other financial implications.
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What Are the Pros and Cons of Recasting Your Mortgage? The greatest benefits to recasting a mortgage are lowering the monthly payments and reducing the interest you’ll pay over the life of the loan. You also won’t need to refinance or requalify for the mortgage, which means you‘ll avoid paying lender fees, appraisal costs, and title and escrow fees that are typically part of the refinance process.
Benefits of recasting. The benefit of a mortgage recast is simple: It lowers your monthly payments, making your housing costs more affordable.
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Pros. You don’t have to qualify for a loan all over again. You’ll have smaller monthly payments.in most cases. You can keep your interest rate if you managed to lock into a good one when you initially took out the loan. Recasting will reduce your debt-to-income ratio.
There are pros and cons to both approaches. For a recast, you don’t need to apply for a new loan, so there’s no credit check, no need for proof of income, etc. However, not every type of mortgage is able to be recast; FHA and VA generally don’t qualify for recasting, and the ability to recast jumbo loans varies from lender to lender.