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Recast of Principal Pay off
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Hello,
I just finished refinancing my 30Yr loan from 7.75% to 5.625%.
I have close to 60k that I could put towards to house. Total balance is 264k. I am not sure what would be the best way to use it. Recast would lower my monthly payments and principal pay off would reduce the loan term and more of the monthly payment would go towards principal. What would be a better approach ?
Any other suggestions on using the cash would be appreciated as well
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