Can you lower your monthly mortgage payment after you get a 30 year fixed loan? Being in real estate since 2004, sometimes I think I "know it all". It's rare that situations and strategies come up that I've never heard of. But today, I'm going to be completely transparent and teach you a strategy that I had no idea existed. That's right, up until a few months ago, I thought after you took out a 30 year fixed mortgage then your payment was set for the full life of the loan. Well, after building my house recently, I learned there is a program out there called Loan Recasting where the lender will recalculate your interest based on the current principal balance. Let's see how it works together..

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00:00 Intro
2:00 How do construction to permanent loans work
4:15 How does a mortgage loan recast work
6:20 What is mortgage loan recasting
6:57 This is my mortgage payment based on borrowing $350k at 5.25%
7:20 If I recast my loan then my monthly payment will be based on $300k
8:00 How does mortgage loan amortization work
9:40 What happens when you recast your mortgage loan w/ your lender
12:05 FHA, VA and VHDA mortgage loans may not be available for a loan recast

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