If you’re a homeowner who wants to buy a home before selling your current one, you’ll definitely want to hear about our Recasting Program. Here’s how it works:
Let’s say that you qualified to carry both your new home and your current home mortgages. Let’s also say that you don’t want to sell your home until you know that you have a place to go.
Under our recasting program, our lenders will allow you to purchase the new home with the minimum down payment, and when your current home closes, you can apply whatever amount you’d like to your new mortgage payment. Even more than that, once you apply the amount toward your mortgage, you could then have that payment adjusted down to reflect the new mortgage balance without adjusting the term or interest rate.
So many people have benefited from this program and we wanted to make sure that you had this information at your disposal, as well. Consider this just another tool in your pocket.
If you have any questions about this or other programs that we offer, go ahead and reach out to us. We’d love to meet with you to help you make the best real estate decisions for your situation.