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...

Recasting Fees – There is usually a non-refundable fee of up to $250 to recast your mortgage. Mortgage Term – The ter... Here are the key elements included in your monthly statement, along with a visual guide to help you locate them: 1. Statement Information.

Why did my monthly payment change? An escrow analysis can raise or lower your monthly escrow payment for the upcoming year due to changes in your tax and insurance amounts. Read more. When is my payment considered late?

What is an escrow account? An escrow account is where funds are held to pay property tax and insurance bills on your behalf. If your loan is escrowed, a part of your mortgage payment goes into your escrow account every month. Why did my monthly payment change?

Your grace period is a set number of days after your contractual due date when we’ll still accept your payment without charging a late fee. The number of days is outlined in your Note. Check your statement for the exact date when penalties and interest are added.

A surplus means there’s more in your account than we’ll need. If you have a surplus of more than $50 and your account is current, we’ll send you a check within 30 days of the escrow analysis.

Recasting Fees – There is usually a non-refundable fee of up to $250 to recast your mortgage. Mortgage Term – The ter... Here are the key elements included in your monthly statement, along with a visual guide to help you locate them: 1. Statement Information.

The minimum required balance is the lowest positive balance allowed in your escrow account at any given time —this positive balance is also known as a cushion requirement. This helps us minimize the impact to your monthly mortgage payment when property tax and insurance rates increas...

Learn six tips to pay off your mortgage faster, including recasting your loan. A recast is a lumpsumpayment that lowers your monthly payment and may help you pay off your mortgage early. Learn six... Recasting a mortgage happens when you put down a lump - sum payment toward the princ...

Here are some of the most common closing costs: The money you put in an escrow account each month is used to pay property taxes and insurance related to your property. Some lenders may require you to escrow depending on the circumstances of your mortgage. If you have an escrow accoun...