How to Input a Mortgage Recast in the Software
Recasting Your Mortgage in The Shred Method Software
Recasting is a common strategy used amongst our members, helping you shred faster, increase your cash flow, and improve liquidity.
What is Recasting?
Recasting is not the same as refinancing. Unlike refinancing, recasting does not restart your mortgage contract. Instead, you keep the same loan term, but your monthly payment is recalculated based on your current principal balance.
As part of your strategy, we may not necessarily want to pay off your mortgage completely, but rather reduce it to a point where the monthly payment is so small that it’s no longer a financial concern.
How to Input Your Recasted Mortgage in The Shred Method Software
Once you’ve recast your mortgage, making the necessary changes in the software can seem tricky. Here’s what you need to do:
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Principal Field: Input your current balance (same as in the Balance field).
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Start Date: Enter the date when the recast took effect.
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Term Field: Input the number of years remaining on your mortgage.
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Interest Rate: Should be the same as before unless there’s been a change.
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Total Payment Field: Input your new, reduced monthly payment.
By following these steps, you ensure that your Shred Method plan continues optimizing your finances efficiently. If you have any questions, don’t hesitate to reach out!
We want to let you know that we have implemented office hours for some of The Shred Method™ Team members. You now have the opportunity to join a Zoom room with one of us and have your questions answered during the week without having to wait for a meeting or the next Q&A.
Here's the official schedule for office hours, along with the links to join the Zoom rooms:
Adam Carroll: Monday 4-5 pm CT
Nathan Buchheit: Wednesday 12:30 pm CT - 1:30 pm CT
Gerardo Viana: Friday 12-1 pm CT
We also want to ask you a favor, we're currently trying to build a database of HELOC providers to help new members find a lender wherever they may be based. We would greatly appreciate it if you could fill out this form based on your HELOC provider.
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