Unfortunately, one of the biggest caveats off recasting home financing would be the fact it is a handbook techniques. This basically means, it does not happen automatically when a beneficial prepayment happen; alternatively, a particular consult must be created for they to take place.
In addition, once a consult so you’re able to reamortize the mortgage is done, there is a hard money cost, with banks commonly billing fees out-of $150 – $250, or even more, simply to techniques the latest recast. Devam