Wednesday, May 06, 2015
Dyersburg Real Estate Fantastic Financing Option
A recast modification is an option available through this bank loan mortgage officer and his investor. This applies to Freddie Mac, Freddie Mae and portfolio loans from this investor.
The only cost is a $250 processing fee. You get your new house purchased using this particular loan officer and this investor. Let's say you are now making 2 loan payments and have made 3 payments out of 360 payments on your new house. You sell the old house and clear $100,000 which you want to put into the new house.
The principal balance on new house is reduced by $100,000 and the payment is re-amortized for the remaining 357 payments so your new house payment is much much lower than the original.
Before this was available, buyers that qualified were able to secure a bridge loan(at considerable expense) and get a temporary loan on new house which they then converted to long term.
In my opinion, this recast modification is the way to go saving lots of money. If you are interested in this loan program, call me at 731-589-7841 and I will hook you up with this smart bank mortgage guy and his unique investor.
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