"Thank you for your reply. The lawyer who was at the signing of our East Coast home said that if we put this chunk down on the house it would lower our monthly payment. I don't think recasting the loan would allow us the chance to get a lower interest rate - but he said it would lower our monthly. Lowering our monthly is important to me - so if recasting the loan would not do that, we will definitely refinance."    View Post

"We just bought a home & moved across the US. Our first mortgage payment is due on November 1st. Our home in California sold before we left, but with all the new regulations, the new owners weren't able to close on the house before we closed on our East Coast home. The California house closed 2 days ago and now we're trying to decide if we should recast the 30 year loan or refinance it down to a 15 year loan. We owe around $500K on the new house, but we'll have about $300K to pay down..."    View Post