Ask HTM - Recasting to Lower Your Mortgage Payment, A Solar Panel Conundrum, & Forfeiting I Bond Interest #568
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Doing a Recast With Your Current Mortgage Provider Can Lower Your Mortgage Payments for Years to Come
When you pay a lump sum to your mortgage provider without recasting, you will lessen the overall life of the loan. You're going to pay off the mortgage sooner, but your payments will stay the same. If there is a fee, if it does cost you so many, it is going to be so much less than what you pay for. And again, this is particularly advantageous in Rachel's case because not only will it lower the monthly mortgage amount, but it'll also eliminate that pesky PMI.
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