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“Can I recast my mortgage”
If you're searching for 'Can I recast my mortgage', you're probably feeling overwhelmed by your current mortgage payments. You're not alone — many homeowners face financial challenges that make their mortgage payments unsustainable. At National Mortgage Home Loans (NMHL), we've seen firsthand how unexpected life events can impact your ability to keep up with your mortgage. Here's what most people don't know: there are often alternative solutions available that can help make your mortgage more manageable.
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- You are not alone -- thousands of people search this every month
- Real options exist for your specific situation
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We've Helped Others in Your Situation
Why This Happens
Understanding the common reasons -- and knowing that each one has a path forward.
- 1Unexpected medical expenses or job lossSolution exists
- 2Changes in income due to self-employment or variable incomeSolution exists
- 3Divorce or other significant life changesSolution exists
- 4High-interest rates or unfavorable loan termsSolution exists
- 5Insufficient financial cushion for emergenciesSolution exists
There's Always a Path Forward
Being denied feels overwhelming, but it doesn't mean your homeownership dream is over. Our specialists work with challenging situations every single day.
Understanding Mortgage Recasting
Mortgage recasting is a process that allows you to re-amortize your existing mortgage based on a new, lower principal balance. This can be particularly helpful if you've made a significant payment or received a lump sum. By recasting your mortgage, you can potentially lower your monthly payments without the need for refinancing.
At NMHL, we've helped numerous homeowners navigate the recasting process. Our experts will review your financial situation and mortgage details to determine if recasting is the right option for you.
Recasting can be a simpler alternative to refinancing, with potentially lower costs.
When to Consider Mortgage Recasting
If you're struggling with high monthly mortgage payments, recasting might be a viable solution. This is particularly true if you've recently come into a sum of money, such as an inheritance or a bonus, and want to apply it to your mortgage. Recasting can also be beneficial if interest rates have dropped since you took out your original loan, although this typically requires refinancing.
- You've made a large payment towards your mortgage
- You're looking to lower your monthly payments without refinancing
- You want to avoid the costs associated with refinancing
Recasting is not the same as refinancing; it re-amortizes your existing loan based on a new principal balance.
NMHL's Approach to Mortgage Recasting
At NMHL, we understand that every homeowner's situation is unique. Our team of experienced loan officers will work closely with you to determine if mortgage recasting is the right solution for your financial challenges. We'll review your mortgage details, financial situation, and long-term goals to provide personalized guidance.
Our expertise extends beyond traditional mortgage products. We offer a range of alternative loan programs designed to help homeowners in complex financial situations.
Our experts will help you navigate the recasting process and explore other mortgage solutions tailored to your needs.
Next Steps in the Mortgage Recasting Process
If you've decided that mortgage recasting is the right option for you, NMHL is here to guide you through the process. Our first step will be to review your current mortgage terms and financial situation in detail. We'll then work with you to gather the necessary documentation and submit your recasting application to your current lender.
Throughout this process, we'll keep you informed about the progress and any additional information we need from you. Our goal is to make the recasting process as smooth and stress-free as possible.
We'll handle the paperwork and communication with your lender, so you can focus on getting back on track financially.
Your Options Right Now
Mortgage Recasting
If you've made significant payments or received a lump sum, recasting your mortgage might lower your monthly payments without refinancing. NMHL's loan officers can help determine if this is the right option for you.
Act quicklyRefinancing Options
NMHL offers various refinance programs, including those with lower interest rates or more favorable terms. Our experts can review your situation and recommend the best refinance options.
Act quicklyAlternative Loan Programs
If traditional refinancing isn't an option, NMHL's alternative loan programs, such as Non-QM or bank statement loans, might provide the relief you need. Our team will guide you through these specialized programs.
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Frequently Asked Questions
Recasting your mortgage can lower your monthly payments without the need for refinancing. This can be particularly helpful if you've made a significant payment or received a lump sum. NMHL's loan officers can help you determine if recasting is right for you.
Generally, recasting your mortgage doesn't directly affect your credit score since it doesn't involve a new loan application. However, it's always best to discuss your specific situation with an NMHL expert to understand any potential implications.
While traditional lenders might have strict credit score requirements, NMHL offers alternative programs that can help. Our experts can review your credit situation and recommend the best options for recasting or refinancing your mortgage.
The time it takes to recast your mortgage can vary depending on your lender and the complexity of your situation. At NMHL, we strive to make the process as smooth and efficient as possible. Our team will guide you through the timeline and requirements.
Some lenders charge fees for recasting a mortgage. NMHL's loan officers can help you understand any associated costs and determine if the benefits outweigh the expenses in your situation.
Want to explore your mortgage options with someone who understands your situation? We're here to help — no judgment, just solutions.
We will reach out at a time that works for you. No pressure, no obligation.