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 remain...

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.

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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.

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.

The interest rate of your adjustable-rate mortgage (ARM) is currently calculated based on the published Secured Overnight Financing Rate (SOFR) index. Until 6/30/2023, it was based on the London Interbank Offered Rate (LIBOR) index.

Principal reduction to help homeowners get into more affordable mortgages (recast or modification); and/or Funding to eliminate homeowners’ second lien loans.

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.

Learn how to recast your mortgage and lower your monthly payment by making a lump-sum payment toward the principal balance. Find out the eligibility requirements, fees, and process for recasting your loan with Mr. Cooper.

Learn how to recast your mortgage and lower your monthly payment by making a lump-sum payment toward the principal balance. Find out the eligibility requirements, fees, and process for recasting your loan with Mr. Cooper.