If you’ve found that a refinance isn’t for you, there may be another option for lowering your monthly mortgage payments — if you can pull together some cash.
“Recasting,” also called reamortization, is a little-known way to shrink your monthly house payment. Recasting involves paying a lump sum toward your mortgage and then readjusting your payment to reflect your new balance.Part of your modification or refinance might include switching from a variable to a fixed interest rate, too. This is a good option if you want to lock in a low rate.
Let’s discover some common reasons why you may be denied that precious refinance. And don’t fret, American Debt Advisors will offer you solutions.We are passionate about helping individuals back on their “financial feet” and our advisors have been expertly trained to talk you through the different debt options that are available.We’re here to help you take the first step to becoming debt free. American Debt Advisors are expert consultants who pride themselves on quality and friendliness of service; clients are always offered the very best support from our helpful and knowledgeable debt counselor team.