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Chris Lancaster's Oahu Real Estate

By Chris Lancaster | Real Estate Pro in 96814

'Secret' Way to Lower Mortgage Payments

'Secret' Way to Lower Mortgage Payments 
Home owners can trim their monthly mortgage payments by “recasting” or “re-amortizing” their loan, without having to refinance and face hefty closing cost fees, experts say.

When recasting, the borrower pays off a lump sum of the loan’s principal and then resets monthly payments at the loan’s original interest rate and terms. 

Benefits 

No Closing Cost (not a refinance)
No Credit Check 
Interest Rate and Loan Term stay the same 
Lower's the amount of interest paid over the term of the loan 



Source:
http://www.realtor.org/RMODaily.nsf/pages/News2011010504?OpenDocument

source:
NY Times 

for more information please visit
Hawaii's Real Estate Resource & Condo Guide  www.MyHomeOnOahu.com

or call 

Chris Lancaster, REALTOR ASSOCIATE @ (808) 489-1225 

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