Hello, I am interested to find out some of the pros and cons and/or benefits to doing a Mortgage Recast or Principal only payment.
I recently bought a home and I am in the process of selling my last home.
Here are the details;
Mortgage of new home
30 Year Loan - 266,000
Interest Rate - 5.875
Monthly Payment (includes property taxes, homeowners insurance, etc...) - 2,036
Profit from home sold after all fees and taxes - 50,000
I would like to use that 50,000 to put toward the mortgage of my new home, so I would like to decide which option would suit me better.
Any insight on how either option would have an impact on monthly payment, length of the loan, and interest savings is greatly appreciated.
Thank you
I recently bought a home and I am in the process of selling my last home.
Here are the details;
Mortgage of new home
30 Year Loan - 266,000
Interest Rate - 5.875
Monthly Payment (includes property taxes, homeowners insurance, etc...) - 2,036
Profit from home sold after all fees and taxes - 50,000
I would like to use that 50,000 to put toward the mortgage of my new home, so I would like to decide which option would suit me better.
Any insight on how either option would have an impact on monthly payment, length of the loan, and interest savings is greatly appreciated.
Thank you