Short Answer
A mortgage recast is when your monthly payment is lowered after you make a large payment toward your loan balance.
What It Means
- Your interest rate stays the same.
- Your loan term stays the same.
- You keep your existing loan.
- Your monthly payment goes down because you owe less.
A recast is not the same as refinancing.
If you’re considering making a large principal payment and want to lower your monthly payment, see our article: Mortgage Recast (Lowering Your Payment After a Large Principal Payment) or contact us to check eligibility.
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