"Very attentive and patient. Easy to communicate with. Highly recommended."
anastasia w
This is an excellent resource for existing or future Movement Mortgage clients!! Not all lenders offer a recast option so this is very special option for MM clients!!
Normally when you put a large payment towards your loan it doesn't change your monthly payment. It lowers the principal balance but the next month the payment is the exact same. With a recast it allows you to make that large payment and have the remaining balance re-amortized and drop your payment, much like a refinance would do. You avoid the refi process, costs associated with the refinance, and get to keep your rate. This is currently only available for conventional loans.
This would be ideal for:
1. Buying a home, moving in, selling your old home and paying the balance down and resetting your payment lower.
2. Lowering your monthly payment and not having to refinance if rates are now higher than when you got your original loan.
Normally when you put a large payment towards your loan it doesn't change your monthly payment. It lowers the principal balance but the next month the payment is the exact same. With a recast it allows you to make that large payment and have the remaining balance re-amortized and drop your payment, much like a refinance would do. You avoid the refi process, costs associated with the refinance, and get to keep your rate. This is currently only available for conventional loans.
This would be ideal for:
1. Buying a home, moving in, selling your old home and paying the balance down and resetting your payment lower.
2. Lowering your monthly payment and not having to refinance if rates are now higher than when you got your original loan.