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If you plan to make a lump sum payment on your mortgage, when would it be smarter to simply make the payment against your principal, as opposed to recasting with that amount?
If you plan to make a lump sum payment on your mortgage, when would it be smarter to simply make the payment against your principal, as opposed to recasting with that amount? Assuming you have the ability to do either, would it ever be smarter to not recast your mortgage and simply make the payment against your principal? As I’m currently thinking of it, the recast makes the most sense as you’d still be putting all that money into your principal, and you’d lower your minimum payment. You can keep paying at the origin...
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