Recasting your mortgage, explained!

Can You Recast A Jumbo Loan?

A jumbo loan is a type of mortgage loan that exceeds the conforming loan limit set by the Federal Housing Finance Agency (FHFA). This loan limit varies by county and is usually higher than a conventional loan. If you have a jumbo loan, you may be wondering if you can recast or restructure it. The answer is yes, you can recast a jumbo loan.

When you recast a jumbo loan, you are essentially making a lump sum payment towards the principal of the loan. This is an option if you have additional funds available and would like to reduce your interest payments without refinancing your loan. Recasting a jumbo loan can be beneficial because it can reduce the amount of your monthly payment, the total interest you will pay over the life of the loan, and the amount of time it takes to pay off the loan.

Before you decide to recast your jumbo loan, there are a few things to consider. First, you should make sure that the lender offers recasting as an option. Some lenders don’t offer this option and if you want to take advantage of it, you will need to find a lender who does. Second, you should make sure that the amount you are recasting meets the lender’s minimum requirements. Most lenders have a minimum amount that must be paid before they will consider recasting the loan. Finally, you should know that there may be fees associated with recasting your loan, so make sure you understand what those are before you proceed.

In addition to recasting your jumbo loan, you also have the option of refinancing it. Refinancing involves taking out a new loan to pay off the existing loan. This can be beneficial if you can find a better rate or better terms than what you currently have. However, it is important to understand that refinancing may also involve closing costs, so you should weigh the costs and benefits before making a decision.

Overall, recasting a jumbo loan can be beneficial if you have the funds available and are looking to reduce your monthly payments and the amount of time it takes to pay off the loan. Keep in mind that there may be fees associated with recasting, so make sure you understand those before you proceed.

Key Points:
• A jumbo loan is a type of mortgage loan that exceeds the conforming loan limit set by the Federal Housing Finance Agency (FHFA).
• You can recast a jumbo loan by making a lump sum payment towards the principal of the loan.
• Before you recast your jumbo loan, make sure the lender offers the option, the amount you are recasting meets the lender’s minimum requirements, and there may be fees associated with recasting the loan.
• You also have the option of refinancing your jumbo loan, but this may involve closing costs.

People Also Ask:

Q: What is a jumbo loan?
A: A jumbo loan is a type of mortgage loan that exceeds the conforming loan limit set by the Federal Housing Finance Agency (FHFA).

Q: What are the benefits of recasting a jumbo loan?
A: The benefits of recasting a jumbo loan include reducing your monthly payment, the total interest you will pay over the life of the loan, and the amount of time it takes to pay off the loan.

Q: What are the fees associated with recasting a jumbo loan?
A: Fees associated with recasting a jumbo loan can vary depending on the lender, so make sure you understand what those are before you proceed.

Can You Recast A Jumbo Loan – Highest Rated?

In this week’s Tuesday tip for mortgage lenders, realtors and homeowners…I cover the question of recasting your mortgage, which can be a great strategy for navigating selling and buying in today’s real estate market. If you or your clients are looking to leverage current home equity to get the lowest possible payment on their new home, recasting may be a great option for them! Watch this video, and contact us to learn more. Always looking for ways to make real estate investing EASY!
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