Recast vs Refinance: How to Lower Your Payment Without Losing Your Low Rate

Mortgage Recast vs Refinance — How to Lower Your Payment Without Losing Your Low Rate Did you know you can lower your monthly mortgage payment without refinancing or giving up your low 2–3% interest rate? That’s exactly what a mortgage recast does — and most homeowners don’t even know it exists. In this episode of Mortgage Matters in Minutes, Brent Rasmussen, owner of Mortgage Specialists, explains: What a recast is and how it works Recasting vs. refinancing — BIG difference in cost Why recasting is only available on conventional loans Ideal situations for recasting (selling a home, inheritance, divorce, life insurance payout) Real example: Applying $200,000 after selling your old home to drop your payment drastically When NOT to recast and when refinancing may still be better A recast usually costs $100–$300 compared to $2,500–$3,500+ to refinance — and you keep your original rate. 🔗 Helpful Resources ☑️ Apply for a mortgage: https://mtg-specialists.com/online-application/ ☑️ Schedule a call: https://calendly.com/mortgage-specialists-omaha ☑️ Call: 402-991-5153 ☑️ Blog: https://mtg-specialists.com/blog/ ☑️ Reviews: https://tinyurl.com/55zft5ef 📱 Follow Mortgage Specialists 📘 Facebook: facebook.com/mortgagespecialists 📸 Instagram: instagram.com/mortgagespecialistsomaha 🐦 Twitter/X: twitter.com/MTGSpecialists Timestamps for MMM 186: Recast vs Refinance: How to Lower Your Payment Without Losing Your Low Rate 0:00 - Intro 0:37 - What is Mortgage Recasting? 1:55 - Common uses for Recasting 4:09 - More Facts about Recasting 5:30 - Conclusion 6:08 - Outro Licensing info: Brent Rasmussen, NMLS 5918 at Mortgage Specialists, LLC NMLS 2424 For licensing, go to www.nmlsconsumeraccess.org Address: 8420 W Dodge Road #113, Omaha, NE 68114 Equal Housing Lender Website: mtg-specialists.com Applicant subject to credit and underwriting approval. Restrictions may apply, contact Mortgage Specialists, LLC for current rates and for more information. All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Mortgage Specialists, LLC does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Mortgage Specialists, LLC. Mortgage Specialists, LLC and its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action. Mortgage Specialists, LLC is a limited liability company organized under the laws of the State of Nebraska. It has no affiliation with the US Department of Housing and Urban Development, the US Department of Veterans Affairs, the US Department of Agriculture, or any other government agency. Mortgage Matters in Minutes Episode 186: Recast vs Refinance: How to Lower Your Payment Without Losing Your Low Rate