Mike Tassone | Source | Co-Founder at Own Up
Mike Tassone
Entrepreneurial executive with a strong track record of achieving results throughout the organization. 10+ years working in both startups and established organizations with management of finance, operations, business & corporate development, human resources, legal and compliance functions. Highly collaborative with an emphasis on building cohesive teams and developing talent.
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In a low-rate environment, refinancing usually seems like a good option. Different lenders have different requirements for this option, but you’re usually looking at a minimum [lump-sum payment] amount of at least $5,000. It’s as if you started the mortgage with that lower balance. A mortgage recast just affects the current loan that you’re in. Refinancing essentially ‘resets the clock’ and it takes it back to a 30-year term in most cases.
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How a Mortgage Recast Could Save You Money on Monthly Interest Payments
Here’s how a mortgage recast can give you a favorable new amortization schedule and lower monthly mortgage payments.
Article
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Own Up
Co-Founder
started Feb 2016