Recasting a mortgage happens when you put down a lump-sum payment toward the principal balance and the lender re-amortizes the loan. Since you are paying down your principal by a large amount, your monthly payment will be lowered, but your interest rate and loan terms will re...

What is recasting a mortgage? A mortgage recast occurs when you put down a lump-sum payment toward the mortgage’s principal balance and your lender then re-amortizes the loan to lower the monthly payment.

Recasting a mortgage lowers your monthly payment by paying down the principal, but does not change your interest rate or loan term. Learn what recasting a mortgage means, how to do it, and what are the benefits and drawbacks.

Recasting a mortgage lowers your monthly payment by paying down the principal, but does not change your interest rate or loan term. Learn what recasting a mortgage means, how to do it, and what are the benefits and drawbacks.

If it’s getting harder to make your payments but you haven’t fallen behind yet, you may have a simple, effective option: Refinancing your mortgage to one with a lower monthly payment. To refinance as part of a mortgage assistance plan, your account needs to be current for the...

Recasting a mortgage lowers your monthly payment by paying down the principal, but does not change your interest rate or loan term. Learn what recasting a mortgage means, how to do it, and what are the benefits and drawbacks.

Recasting a mortgage happens when you put down a lump-sum payment toward the principal balance and the lender re-amortizes the loan. Since you are paying down your principal by a large amount, your monthly payment will be lowered, but your interest rate and loan terms will rema...

Learn how to contact Mr Cooper by chat, message, phone, mail or social media if you have a problem with your mortgage. ... Recasting a mortgage happens when you put down a lump-sum payment toward the principal balance and the lender re-amortize...

Recasting Fees – There is usually a non-refundable fee of up to $250 to recast your mortgage. Mortgage Term – The term (length) of your mortgage remains the same. Example If you recast 10 years into a 30-year mortgage, you will still have 20 years left on your term.

Refinancing doesn’t have to be difficult. Our experts make the process quick & easy. Our mortgage experts break down important tips & topics. When can I remove PMI from my loan? Why did my payment change? Where can I find my monthly statement? How do I setup paperless statements? H...