Should I mortgage recast? I have about $773k left and a little under 28 years with a 4.875% interest rate. I have about $200k sitting in a HYSA (3.80% APY) that was gifted to us. I’m thinking of putting maybe $150k towards recasting the mortgage to lower the monthly given we have other monthly childcare expenses. I think we can afford the loss in liquidity. We don’t pla…

Should I recast my mortgage? We bought a condo in 2023, on a $390K 20-year fixed mortgage at 5.875%. I made a $58,500 lump sum payment when we sold our old house, but didn’t recast the mortgage, figuring I’d refinance when rates came down a bit. Of course, that hasn’t happened. I’m pondering recasting the loan. The loan matures in 2043 but with the lump sum and no recast wo…

Recast or wait until sale of starter home? I’ll try to summarize relevant info- partner and I recently moved out of state to accept new job offers. We have moved from a LCOL to MCOL area. We have already moved- found a home we love in a nice area. We bought last November with 5% down, sale price was $390k, interest rate 5.99%. Current PITI payment is $2800 Our old house has been on the …

Should we recast our mortgage or pay it off sooner? In July 2023 we purchased a home with a $430,000 mortgage at 15% down and a 6.5% interest rate. We sold our home and planned to use the $100,000 gross from the sale to put towards our mortgage balance immediately, and have our payment recast. Our interest rate would not change; they would just spread the new balance across the remaining life of …