Found a New Home Before Selling Your Current One?
If you're planning to buya new home and want to put 20% down, but you haven't soldyour current home yet, recasting can be a smart choice.
How Recasting Works
You can put just 5% down on a conventional loan, and after you sell your current home, you can put the lump-sum amount towards the principal. Our Experts can then recalculate the loan based on the new lower balance, using the same interest rate and time remaining from the original mortgage.
Advantages
The interest rate and terms remain the same, but because your principal has decreased, your monthly payments will lower, and you can save on interest paid over the life of the loan.
The Details:
- Qualify by having made a minimum of $10,000 in principal-reduction payments in the last 12 months. The program is not available if founds are received through the HHF or HAMP 6 years incentive.
- Request recasting as often as you'd like during the life of loan.
- Make the first two consecutive monthly payment before your loan is eligible to recast.
- Begin making lower monthly payment once you receive your updated billing statement
- Pay only $100 to recast
- Apply for recasting only for the years of the loan
- Qualify by having made a minimum of $10,000 in principal-reduction payments in the last 12 months. The program is not available if founds are received through the HHF or HAMP 6 years incentive.
- Request recasting as often as you'd like during the life of loan.
- Make the first two consecutive monthly payment before your loan is eligible to recast.
- Begin making lower monthly payment once you receive your updated billing statement
- Pay only $100 to recast
- Apply for recasting only for the years of the loan
Take the first step toward home... Simple, Safe & Secure
Apply Online Today!
*Additional conditions/exclusions may apply.
