by Kate Jenkins, Branch Manager, Evergreen Home Loans
Recasting a loan involves applying a lump sum of money to the unpaid principal balance of a conventional loan resulting in lower monthly payments. You can also cancel private mortgage insurance if you reduce your loan balance at or below 80 percent of the original value.*
Example of how a recast can be beneficial:
With a recast modification, qualified borrowers may be able to purchase a new home without having to sell their current home first.
Once the old home sells, the money received from the sale is applied toward the principal balance of your new loan. The new home amount and monthly payments are reduced.
A recast can be done through your loan servicing department at Evergreen Home Loans for a nominal fee. Find out if a loan recast is right for your situation. Call us today and we’ll be happy to provide you with more information.
*Available on conventional loans only that are serviced by Evergreen Home Loans. To cancel private mortgage insurance, certain conditions apply.
Company NMLS# 3182 © 2017 Evergreen Home Loans is a registered trade name of Evergreen Moneysource Mortgage Company® NMLS ID 3182. Trade/service marks are the property of Evergreen Home Loans. All rights reserved. Licensed under. Alaska Mortgage Broker/Lender License AK3182 and AK3182-1; Arizona Mortgage Banker License 0910074; Califomia-080 Residential Mortgage Lending Act License 4130291; Idaho Mortgage Broker/Lender License MBL-3134; Nevada Mortgage Banker License 3130; Oregon Mortgage Lending License ML-3213; Washington Consumer Loan Company License CL-3182
