BY BARBARA EISNER BAYER
You can refinance or recast your mortgage. Or you can create your own DIY mortgage restructuring plan. We compare so you can decide.
The way your mortgage is structured today doesn’t have to be the way it’s structured tomorrow. What are your goals? To free up funds, reduce your monthly nut, or pay off your loan more quickly?
These three strategies offer something for most everyone.
- Send in extra money to pay down principal.
- Recast your mortgage.
- Refinance your loan.
Send in Extra Money to Pay Down Principal
In the mid-1970s, Marc Eisenson coined the term “banker’s secret,” which promoted a cost-saving idea: Pay more than required on your monthly mortgage, and you’ll save a pile of money. Eisenson says,…