The #1 Question Before Making A Home Down Payment

Mortgage Recasting 101In this episode, we discuss the most important question one can ask when determining their home down payment: “Can this mortgage be recast?” Using a $500,000 home example, Brenton explains amortization schedules and how recasting works: after a lump-sum principal payment, the lender recalculates the payment to keep the original payoff timeline while lowering monthly payments. We cover scenarios where recasting makes sense, questions to consider, and the opportunity costs of giving up large sums for a 20% down payment.00:00 Down Payment Dilemma01:05 Home Buying Season01:59 Why Smaller Down04:49 Ask About Recasting05:04 Amortization Basics09:20 Recast Example Numbers11:13 Break And Promo12:23 PMI And Affordability15:14 Investing Opportunity Cost17:51 Final TakeawaysSupport the show