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I would like to know what this will do to my mortgage?
Will the monthly payments come down?
Will it cut my overall years left with my mortgage?
and so on.....
September 8, 2015 12:19:01 PM
In reply to alaleh, sterling
Thanks for joining us today, Alaleh. We appreciate your question and would be happy to help provide details regarding your inquiry.
First and foremost, after you have submitted your Principal payment, we do recommend connecting with us directly to ensure the payment has been received.
After making a payment to your Principal of this size, this will affect your Mortgage by reducing your payment term. This will, however, not affect your monthly payments unless requested. If you'd like your monthly mortgage to be adjusted after you make this payment, you may request to recast your mortgage payments. Please note, a minimum of $5000 principal reduction is needed. Also, please keep in mind, there is a fee for this request of $35.
To request the recast, please send a written letter to our Contract Change Department along with a check of the fee.
Please include the following:
-Your Loan account number
-Your full name and your contact number
Please send the letter to the following address:
TD Bank Attn: Contract Change
32 Chestnut Street
Lewiston ME 04240
Please allow 7-10 business for processing your request and allow approximately 2 payment cycles for your request to be submitted. You may wish to connect with our Financial Solutions Group Specialists directly 24/7 at 800-937-5020 for information on the status of your request.
We hope the information provided helps and please do not hesitate to let us know if you need anything else. Have a great day!
Yen D, Mount Laurel
September 8, 2015 12:19:54 PM
In reply to Yen, Mount Laurel
Hi Yen, thank you for the input. I have much better idea. However, 2 questions:
- If I go with the principle payment of $50K, how can I find out how long my term will be reduced by. Is there a way o calculate or can someone from TD do this for me.
- If I go with the other option - recast (which I never knew about) - how can I calculate my new monthly payment with the $50K down towards the principle? Again can someone from TD assist.
My reason for asking is so I can see the best options out there for me before I make the final decision.
Thank you and I look forward to hearing from you.
September 9, 2015 08:32:03 AM
In reply to Alaleh, Sterling
Welcome back, Alaleh. Glad to hear we were able to provide some helpful information and would be happy to help point you in the right direction for assistance regarding your concerns!
To best assist you with each scenario, we invite you to connect with our Financial Solutions Group Specialists who are available 24/7 at 800-937-5020. After account verification, they would be happy to help and answer any additional questions you may have.
Let us know if you need anything else, Alaleh. Have a great one!
Yen D, Mount Laurel
September 9, 2015 08:37:51 AM
Is the process you outlined in your original response for recasting a mortgage still the current procedure?
December 20, 2017 06:54:22 AM
In reply to Christopher, Stonington
Thanks for joining the conversation, Christopher!
We can confirm that the above response from our Friend Yen D is still correct in regard to recasting your mortgage.
If you'd like further assistance with doing so, you may contact our Financial Solutions Group 24/7 at 800-937-5020. Once connected with a Specialist, they will be more than happy to help!
As always, you have the option of visiting your local TD Bank Store for further assistance with recasting your mortgage. To find one near you, please click here: http://go.td.com/1f9DSJR.
We wish you the best of luck with your home. Have a wonderful and safe Holiday!
Alara B, Mount Laurel
December 20, 2017 06:55:16 AM
In reply to Alara, Mount Laurel
Just another follow-up question about the recast option. Is there a limit to the number of times customers may recast over the life of the mortgage? Thanks!
February 24, 2018 08:50:00 AM
In reply to ND, Somerville
Thanks for joining us, ND!
We're happy to confirm that there is no limit to the number of times a mortgage can be recast, and if this is something you're interested in inquiring about, we ask that you visit your nearest TD Store location, during lobby hours, to speak with a Customer Service Representative.
If you'd like, you're welcome to use the link here: http://go.td.com/1f9DSJR to find your nearest TD Store location, as well as their lobby hours and contact information.
Please don't hesitate to let us know if we can answer any additional questions for you today, ND!
Have a great start to your weekend.
Brittany M, Mount Laurel
February 24, 2018 08:50:25 AM