This is a YouTube video titled "💫 Recasting your Mortgage 💫" containing a single-speaker explanation about strategies to improve mortgage terms by initially putting a smaller down payment and later recasting the loan after selling a previous home. The content focuses on financial advice related to housing market transactions and mortgage payments, recorded on July 22, 2021.
Housing market, it can drastically help your odds if your offer is non contingent upon selling your current home. Here's a little way to make that work a little easier for some people. Let's say they're buying a house for 300 grand. Put in a minimum typical 5% down payment. Here's an estimated breakdown of what that monthly payment might look like. Then, let's say a month after or so after they get the new home, they sell their old home, the proceeds come through and they want to dump the remaining 15% to get to a total of 20. So that would remove the PMI, but also the recast restructures that loan as if they had 20% down from the beginning, so it drops that payment down drastically. A little different way to make it work. Best of both worlds.
