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What Is A Mortgage Loan Recast?

By
Real Estate Agent with Fillmore Real Estate 2990 Av U, Bklyn , NY 11229

 

Mortgage Loan Recast refers to a change in the mortgage principal or a change in the length of the time left on the mortgage.

A loan recast occurs when there is a substantial  payment made  towards the principal.  The lender recasts the loan by re-amortizing the remaining balance.  This usually lowers the monthly payments due and could reduce the time left on the mortgage.

 

Speak to you lender regarding this option.

 

When you are ready to buy or sell a home in Brooklyn New York , feel free to contact me. 

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 So, whether you are thinking of buying , selling or  looking to rent an apartment in Brooklyn, want to know how much  homes in Brooklyn selling for ,  want to know how is the Real Estate Market In Brooklyn  or  the price  of recently  sold Brooklyn homes in your neighborhood, call me at :

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Michele Cadogan,SFR

 

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www.brooklynhomesbymichele.com

917-861-9166

Fillmore real Estate

2926 Ave J, Brooklyn  New York, 11210

 

Licensed Real Estate Associate Broker

Brooklyn New York Neighborhoods

 

 

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Want To Sell Your Home in Brooklyn

Call Michele Cadogan - 917-861-9166

Janet McCarthy
San Diego Homes Guide - San Diego, CA
Broker Associate

Never heard of a recast.  Thanks for sharng the information. 

Mar 26, 2011 04:09 AM
Carla Wade
Charlotte, NC

This is interesting.  I never hear of this either.  Thanks.

 

Mar 26, 2011 04:12 AM
Michele Cadogan 917-861-9166
Fillmore Real Estate 2990 Av U, Bklyn , NY 11229 - Brooklyn, NY
Licensed Real Estate Associate Broker -

Janet and Carla-   I briefly read about it in a post and decided to research it. 

Mar 27, 2011 12:19 PM