Have you ever heard of recasting a loan?

Recasting a loan is when you take out a new loan and use the money to pay off your existing loan. So, for example, if you have an existing $100,000 mortgage at 4% interest, you can take out a new $100,000 mortgage at 2.5% interest and use the money from that new mortgage to pay off the existing one. By doing this, you'll be able to lower your interest rate on your loan and save money over time.

How do I get started with recasting my loan?

If you're ready to recast your loan and save some cash, all you need to do is speak with your lender about your options. They can go over any fees associated with recasting, as well as what fees will be charged by the new lender (if applicable).

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