As one of the largest mortgage servicers in the United States, Nationstar Mortgage continuously strive to give the best services for all customer of Nationstar. There are many programs which are given by Nationstar Mortgage to their customer, such us the program cash for key program, loss draft, nationstar partial payment etc. At the moment we will share you about Nationstar recast. Recast is the solution for the customer if the customer wants to change or reduce the payment of home loan. Recast is the alternative to lower your mortgage payments. It does not change your interest rate or the term of your loan, but it will reduce the amount payment that you pay each month. Maybe not all the mortgage department can give recast program to customer, but in Nationstar Mortgage you can asking to recast.
Nationstar Mortgages allow a recast for the customer in order to help a financially distressed customer. In this case the interest rate might be reduced or the remaining term of the mortgage extended. There are the reasons why the customers want to recast. Generally, the first reason is the customer is just a self-employed or having the problem about financial even have poor credit and it is making refinancing a tough proposition. The second reason is the customer recently refinanced their mortgage and do not want to go through the cost and problem again. The third reason is the customer received an inheritance and believes that they are better off putting it toward their mortgage rather than investing it. The next reason is the customer has difficult trouble for example a downturn in their industry or company so that the customer wants to lower their monthly mortgage payments. The last reason is the customers usually invest their money, but the outlook is so bleak so that they want to reduce their mortgage. Even if the customers also have a high mortgage and cannot refinance, form of recast should ask to Nationstar recast or Nationstar Mortgage Department as soon as.
How Nationstar recast work? If the lender agrees to a recasting, there are the terms that the customer should do. The customer should pay amount for their mortgage, typically $5,000 or more. Then the customer should ask the lender to recast the remaining balance and change your monthly payments as opposed to just reducing the principal. Afterwards the customer should pay a fee to the lender just one more about $250. The customer who has applied the recast of course the monthly payment of home loan will be change. The monthly payment is lower than before.
There are advantages and disadvantages of the recast. The first advantages is reduced payment, the second advantages is no appraisal required and the third advantages is no credit check needed. However there are disadvantages of the recast. The first disadvantages is ties up cash, the second disadvantages is does not reduce mortgage term and the last disadvantages is does not reduce interest rate. We hope the information about Nationstar recast useful for you.