Don't wast it, recast it!

Can You Recast A Jumbo Loan?

A jumbo loan is a mortgage loan with a larger balance than traditional loans, typically ranging from $484,351 to $2 million and up. They are often used to purchase higher-priced homes. One of the advantages of a jumbo loan is that it can be recast, which is a process that allows homeowners to reduce their loan balance without the need for a full refinance.

Recasting a jumbo loan brings the loan balance down to the current market value of the home, and it is done without the need for an appraisal. It also lowers the monthly payment and the loan term, making it easier for borrowers to pay off the loan faster. To recast a jumbo loan, borrowers must have a lump sum of cash to pay down the loan amount. They also must have made all their payments on time for the past 12 months.

When considering whether to recast a jumbo loan, there are several factors to consider. First, the borrower must have enough money in the bank to pay down the loan balance. They must also be sure that they can continue to make the monthly payments on their loan. Finally, the borrower must consider the terms of the loan and how the recasting will affect their payment schedule.

Recasting a jumbo loan can be a great way to save money and reduce the loan balance. It is important to weigh the pros and cons before deciding to recast a jumbo loan. Borrowers should consider their financial situation and the terms of the loan before making a decision.

Key Points:

• A jumbo loan is a mortgage loan typically ranging from $484,351 to $2 million and up.
• Recasting a jumbo loan brings the loan balance down to the current market value of the home.
• To recast a jumbo loan, borrowers must have a lump sum of cash to pay down the loan amount, have made all their payments on time for the past 12 months, and must consider the terms of the loan and how the recasting will affect their payment schedule.
• Recasting a jumbo loan can be a great way to save money and reduce the loan balance, but borrowers should consider their financial situation and the terms of the loan before making a decision.

People Also Ask Questions and Answers:
Q: What is a jumbo loan?
A: A jumbo loan is a mortgage loan typically ranging from $484,351 to $2 million and up.

Q: How do you recast a jumbo loan?
A: To recast a jumbo loan, borrowers must have a lump sum of cash to pay down the loan amount, have made all their payments on time for the past 12 months, and must consider the terms of the loan and how the recasting will affect their payment schedule.

Q: What are the benefits of recasting a jumbo loan?
A: The benefits of recasting a jumbo loan include reducing the loan balance without the need for a full refinance, lowering the monthly payment and loan term, and saving money.

Can You Recast A Jumbo Loan – Highest Rated?

Lacy Rushin with Rushin Realty Group and James Hoglen of American Mortgage discuss mortgage recast loans and why you might want one.

Lacy Rushin
RushinRealtyGroup.com
LacyRushin.realestate@gmail.com
469.980.1132

James Hoglen
JamesHoglen.com
James@JamesHoglen.com
214.336.5840

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