
Stephanie emailed in the following tip:
As I awaited a large tax refund earlier this year, I knew that I wanted to use the money towards our mortgage pay-off! I started to think that there has to be some way that I can apply a large sum of money towards my mortgage and make my monthly payments smaller. I entered my thoughts as a Google search and learned about a service sometimes called mortgage recasting.
Here’s what I learned about mortgage recasting:
• Most banks charge a fee (usually around $250-$500) for processing.
• You will need a minimum of $5000 to recast your mortgage.
• Your new payment will be based on your new loan amount and the remaining years left on your loan.
I emailed my loan provider immediately after learning this information. I was elated to find out that our bank and our loan qualified for this service!! Unfortunately, during my search, I also learned that not all loan providers or certain loans qualify!
The icing on the cake: this whole process was SO easy! I sent in our $5000 payment along with a $250 check for the processing fee. Our bank sent back a one page document to sign for our “loan modification.”
As of June 1, our payment is $46 cheaper! -Stephanie








































