Mortgage recasting is a great option for homeowners who:Have received a windfall, such as a bonus, inheritance, or proceeds from selling another property.Want to lower their monthly payments without extending their loan term or going through the hassle of refinancing.Are satisfied with their current interest rate and loan terms.How to Get StartedIf you’re considering mortgage recasting, here are the steps to take:Contact Your Lender: Ask if they offer mortgage recasting and confirm your loan’s eligibility.Determine the Lump Sum Amount: Decide how much you can afford to put toward your principal.Calculate Potential Savings: Use an online mortgage calculator or consult with your lender to estimate your new monthly payment and total savings.Submit the Request: Once you’ve made the lump sum payment, your lender will process the recasting and provide a new payment schedule.Final ThoughtsMortgage recasting can be a powerful tool for homeowners looking to reduce their monthly payments and save on interest without the cost and complexity of refinancing.

In some cases, after running the numbers, I’ve even faced potential negative returns, causing me to miss out on promising deals here in South Florida.That brings me to my question: I currently own two homes—one is my primary residence, and the other is a rental property.

Purchase price: $350,000 Cash invested: $10,000 Sale price: $435,000 Primary residence converted to a rental after 2 years.

Hi all,I am new to the online community but have been listening to bigger pockets podcasts for years.

I have Section 8 rentals in my portfolio but I do recommend connecting with a property manager who specializes in Section 8 rentals - they'll know all the specific requirements, inspections, and paperwork needed. 

Navigating the Surge in Rental Application Fraud: A Guide for Landlords and Property ManagersIn recent years, the rental market has experienced a troubling rise in application fraud.

They cover the counties with online access to public records (over 2200 counties). 

In my opinion, an in person meetup > an online connection.You may want to consider making a connection here and meeting up for coffee or attending a real estate networking event.Best of luck!

We got to know each other, I observed him working and managing his company and crews, while inspected all the resale and rental projects.

@V.G Jason It is true that a duplex limits your rental pool.