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If your mortgage includes a recast, there’s usually a set loan recasting date. The loan terms you agreed to when you originally financed your home should outline any mortgage recast options you’re eligible for. Since your loan balance is lower, your monthly mortgage payments are also lower. Once you’ve completed this payment, your lender reconfigures the loan amortization schedule to calculate the remaining payments you must make on the mortgage. With a mortgage recast, you make a lump sum payment to pay down some of your loan balance. If your home mortgage terms include a mortgage recast option, you’ll benefit from lower monthly mortgage payments after your recast date.
#RECAST MORTGAGE CALCULATOR HOW TO#
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How to Get a Free Experian Credit Report.How to Remove Something From Credit Report.What’s This Charge On My Credit Card Statement?.To learn more about relationship-based ads, online behavioral advertising and our privacy practices, please review Bank of America Online Privacy Notice and our Online Privacy FAQs. These ads are based on your specific account relationships with us. In addition, financial advisors/Client Managers may continue to use information collected online to provide product and service information in accordance with account agreements.Īlso, if you opt out of online behavioral advertising, you may still see ads when you log in to your account, for example through Online Banking or MyMerrill. If you opt out, though, you may still receive generic advertising. If you prefer that we do not use this information, you may opt out of online behavioral advertising.
#RECAST MORTGAGE CALCULATOR OFFLINE#
This information may be used to deliver advertising on our Sites and offline (for example, by phone, email and direct mail) that's customized to meet specific interests you may have. Here's how it works: We gather information about your online activities, such as the searches you conduct on our Sites and the pages you visit. Relationship-based ads and online behavioral advertising help us do that. We strive to provide you with information about products and services you might find interesting and useful. Narrator: When life gets complicated, Bank of America helps keep it simple. That really is something.ĭaughter: I couldn’t have done it without you Dad. Narrator: You’re in control every step of the way.ĭad: Wow, your first house. Narrator: Pick up where you left off even on a different device and lock your rate to avoid the risk of rising rates, or leave it open and lock later.ĭad: Alright but what if you have questions?ĭaughter: I can talk to a lending specialist if I want. Let me grab my coat, we’ll run to the bank and see what they have to offer.įather: Honey the rates are low right now we should try to lock it in if we can.
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Narrator: At any point, you can save your application for later.įather: Oh great. Narrator: You can review loan options and select features that matter to you…ranging from lower closing costs to lower monthly payments.įather: I can’t find my car keys. Narrator: Reduce paperwork and save time every step of the way.
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Narrator: Bank of America’s Digital Mortgage makes it simple and easy to apply for your mortgage online and on your time.įather: You’re gonna need these. Narrator: Applying for a mortgage doesn’t have to be stressful…įather: Hey honey. Select the About ARM rates link for important information, including estimated payments and rate adjustments. ARM interest rates and payments are subject to increase after the initial fixed-rate period (5 years for a 5y/6m ARM, 7 years for a 7y/6m ARM and 10 years for a 10y/6m ARM the 6m shows that the interest rate is subject to adjustment once every six months thereafter). Should you choose to waive escrows, your rate, costs and/or APR may increase. Advertised loans assume escrow accounts (monthly collection of subject property taxes and any applicable homeowners insurance with your monthly principal and interest payment) unless you request otherwise and the loan program and applicable law allows. Any other fees such as property tax and homeowners insurance are not included and will result in a higher actual monthly payment. Monthly payments shown include principal and interest only, and (if applicable), any required mortgage insurance. Chart accuracy is not guaranteed and products may not be available for your situation. Your actual rate and APR may differ from chart data. Advertised rate, points and APR are based on a set of loan assumptions (refer Loan assumptions and disclosures above for important information). Chart data is for illustrative purposes only and is subject to change without notice.