Answers by Michael Colantone

A 15 year mortgage typically has a lower interest rate than a 30 year. It also applies more money towards the principal of the loan than a 30 year option would. However, a 15 year mortgage may be harder to qualify for due to the higher monthly payment.

A Recast is a way of restarting the amortization of your current mortgage terms. Depending on the lender, you may have to pay a minimum amount in order to recast. If you had an original mortgage term of 30 years, the lender would restart your amortization based on the amount owed currently and a 6.6% rate. This would decrease the monthly payment from what you are paying currently. A recast would make sense for someone that has an interest rate that is below market rates. Many Americans have rates under 4% that do not want to refinance out of fear of losing the low interest rate. I would love to talk further with you to see if I can help meet your goals. I am licensed in Florida and would be happy to help!