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   Will mortgage recast change the terms of my loan?

   • When you refinance your home, you submit an application to create a new loan with a different interest rate and different term, or to take out equity. With a mortgage recast, the only thing you're doing is recalculating your monthly payment. A recast doesn't affect your interest rate, remaining loan term or equity.

   What is a Mortgage Recast? | Mortgage | Chase

   www.rocketmortgage.com/learn/recast-mortgage

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   Should I recast my loan?

   • You can save on interest and lower your payment. A recast can be the perfect solution if you have a large amount of money to put toward your loan, but you aren’t sure how your income will change in the future. Recasting allows you to save on interest without taking on a higher monthly payment. You apply your lump sum directly to the principal.

   Mortgage recast calculator: Figure out when to recast ...

   www.thebalance.com/recast-a-mortgage-315694

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   Is it time to recast your mortgage?

   • Typically, when the 10-year draw period ends, the loan is recast into a 10-, 15- or 20-year fully amortizing loan, depending on the terms of your agreement. When trying to reduce your monthly payments, the majority of borrowers will need to decide between recasting or refinancing their existing home loan.

   Recast mortgage: What does it mean and is it for me ...

   www.valuepenguin.com/mortgages/how-to-recast-mortgage

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2. www.rocketmortgage.com › learn › recast-mortgageMortgage Recasting: What You Should Know | Rocket Mortgage

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   Apr 21, 2024 · A mortgage recast is when you make a lump-sum payment toward the principal balance of your loan. Your lender will then reamortize your mortgage with the new (lower) balance. Your interest rate and term remain the same, but you can lower your monthly payments because your principal went down.

   • Author: Victoria Araj

3. www.bankrate.com › mortgages › what-is-mortgageMortgage Recasting: What It Is And How It Works | Bankrate

   www.bankrate.com › mortgages › what-is-mortgage

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   Apr 9, 2024 · Mortgage recasting is a form of prepaying your mortgage. To recast your loan, you’ll make a lump-sum payment toward the balance. Your lender will then reamortize the loan with the smaller...

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4. Videos

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     What is a mortgage recast? Pros and Cons

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     What is an Example of a Mortgage Recast?

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     Recasting Your Mortgage: What are the Pros and Cons?

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5. www.investopedia.com › terms › mMortgage Recast: Differences From a Refinance - Investopedia

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   Apr 13, 2022 · A mortgage recast, also called a loan recast, is a feature of some types of mortgages where remaining monthly payments are recalculated based on a new amortization schedule.

   • Author: Julia Kagan

6. www.nerdwallet.com › what-is-mortgage-recastWhy You Should Consider a Mortgage Recast - NerdWallet

   www.nerdwallet.com › what-is-mortgage-recast

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   Aug 23, 2017 · A mortgage recast lowers the principal on your loan without changing any other terms. To recast a mortgage, you need a lump sum you can pay your lender.

7. www.forbes.com › advisor › mortgagesMortgage Recasting: Can It Save You Money? – Forbes Advisor

   www.forbes.com › advisor › mortgages

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   Nov 1, 2023 · Mortgage recasting is the process of reducing your mortgage balance through a lump-sum payment, and then making smaller monthly payments until you pay off your loan.

8. money.usnews.com › loans › mortgagesWhat Is Mortgage Recasting? | Mortgages | U.S. News

   money.usnews.com › loans › mortgages

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   Aug 25, 2022 · A mortgage recast, or loan recast, is an arrangement with your lender or loan servicer to apply a large amount of cash toward your principal. The lender then...

9. www.businessinsider.com › personal-finance › recastUnderstanding Mortgage Recast: a Comprehensive Guide

   www.businessinsider.com › personal-finance › recast

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   Apr 25, 2024 · A mortgage recast happens when a borrower makes one large, lump sum payment toward their remaining mortgage balance and the lender reamortizes the loan, calculating a new monthly payment based on...