Should I Pay Down My Loan, & What Is Recast and Reamortization
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- čas přidán 25. 01. 2022
- Let’s say you came into a sum of money via an inheritance or lottery earning, and you want to help pay down your loan. Is that a good idea? First of all, it’s good to go over the cost-benefit with your financial planner. Do you want to lower your monthly payment, or do you want to lower the amount of the overall loan? There are many questions to ask, check out today’s Mortgage Mystery for some more insight.
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Wish you did a comparison of the interest paid of recast vs extra principle payments. I believe it's the same, but would be good info.
GREAT!
Thank you for this, this is great. I didn't even know that loan companies offered this as an option.
Its awesome if you have the extra money and want to pay off the loan quicker. Saves on interest too.
i appreciate it, I’m here to educate!
My question is. How do you save more on interest? Recast or paying principal
So from what I’m understanding in order for re-casting to work for you and not the banks once they give you your new low monthly payment if you continue to pay what your previous mortgage amount was or more, that additional money will go towards your principal which will then Help you pay off your loan quicker. It is also a safety net in case one month you’re only able to do the new lower amount you are not stressing to find extra money.
true, the principle is "you pay interest based on actual balance" so if you keep balance much longer, you keep paying interest. Your reply is right thanks@@barbaydian261
Always try to pay off more to toward principal. - don't overthink - more money paid down, the quicker you save on interest.
Hey there Scott, can you Re-amortize a VA loan?
Really good question. I believe YES. Let me check.
Reamortization NOT available on VA loans :-)
Example 200k loan 30 year fixed rate ive had it
for 1 year but i paid an extra 10k so now the loan
will be paid off in 23 years
If i recast lets say another 10k will it start my
loan all over from the 29 year mark or will it
continue from the 23 year because i previously
put an extra 10k on it? Or will it drop from
23 years to lets say 18 years and lower the
payment?
Hi i have a question
Lets say 200k loan 30 year fixed rate ive had it for 1 year but i paid an extra 10k so now the loan will be paid off in 23 years
If i recast lets say i pay another 10k will it start my loan all over from the 29 year mark or will it continue from the 23 year because i previously put an extra 10k on it?
Or will it drop from 23 years to lets say 18 years and lower the
payment?
You ever find out answer for this ?
In my understanding, the loan will start from 30 years again, but your monthly payment will drop significantly, which means you will have a bunch of extra cash a month to pay towards your principle. Plug-in the numbers in amortization calculator to see where you will be paying lesser in interest as that's the only goal of going out of your way to recast/refinance.
@@tomjones6297 no man I have not. Seems like if the loan resets to 30 years you just paid a bunch of interest upfront.
@@kanwalshahid5082 wrong. it does NOTHING to the loan. All recasting does is lower your monthly payment and the original loan just continues.
Nothing happens to your loan. All recasting does is lower your monthly payment. The loan just continues. What you want to do is recast then continue to pay the original payment you were used to paying. This will knock out your mortgage faster. Its just nice knowing that you can always just pay that new lower payment because of the recasting.
Great vid but I’m not working with anyone called a fa-douche-iary!!😂😂😂 ok, I’ll grow up now!!!
LOL!!! Fair enough!!!