Recasting Your Mortgage Could Save You Thousands In Interest
Mar 19, 2025 · What Is Mortgage Recasting? Mortgage recasting allows you to reduce your monthly mortgage payments by making a large, one-time payment toward the principal balance of your loan. Jan 26, 2026 · When you recast a mortgage, your interest rate and loan term stay the same. Recasting a mortgage is often easier and less expensive than refinancing, but not all lenders allow recasting. Sep 18, 2025 · Learn how recasting a mortgage works, when it’s a smart move, and where it stacks up against refinancing or extra payments. Plus, discover the pros and cons. Oct 30, 2025 · Recasting your mortgage is when you put a lump sum toward the principal after you've closed on your home. This can lower your monthly payments without closing costs or lengthening. Recasting a mortgage requires making a large payment toward your principal loan balance. However, you can make additional principal payments on your loan without recasting it.
Recasting for homebuyers 1 Beginning of dialog window. Escape will cancel and close the window. This is a modal window. This modal can be closed by pressing the Escape key or activating the close button. Mar 25, 2025 · Mortgage recasting is one way to lower your monthly mortgage payments. Instead of taking out a new mortgage like you would with a refinance, recasting allows you to keep the same. Recasting your mortgage can lower the cost of your monthly mortgage payments. But even though a recast makes ongoing payments more affordable, it's not really a savings hack. What Is Mortgage Recasting? A mortgage recast happens when you make a large, lump sum payment toward your mortgage principal and ask the lender to recalculate your monthly payment based on the.
4 Ways to Calculate Mortgage Interest - wikiHow
