A mortgage recast or re-amortization occurs when you make a large lump-sum payment toward your principal balance and request that your monthly payment be recalculated based on the new lower balance. Your interest rate and loan term remain unchanged, but your monthly payment decreases. This is different from refinancing because there are no closing costs and your original loan terms stay the same. Click here for more information and to determine if a recast is right for you.
 

Click here for more information on recasting and to determine if a recast is right for you.

Click here for more information on recasting and to determine if a recast is right for you.