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Reply to "Mortgage recast vs extra payments"
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[quote=Anonymous]it is in the "mortgage company's" interest to re-cast. a recast accelerates paydown. you give them principal today to lower your payment. if one didn't recast, then that principal would be due later than today. You are giving the bank principal that they can take and invest at higher rates. if you don't give them the principal via a recast payment, then they continue to earn the mortgage's rate (which is well below market). Every bank / MBS holder out there wants everyone to prepay (make extra payments, recast paydowns, etc). [/quote]
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