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 lo...

A recast is a lumpsumpayment that lowers your monthly payment and may help you pay off your mortgage early. Learn six tips to pay off your mortgage faster, including recasting your loan.

Mortgage Recast. Provides definition, guidelines, and process for a mortgage recast

While refinancing means replacing your existing loan with a new one, loan modification keeps your existing loan and changes its terms. If you qualify for a loan modification, some potential ways to reduce your monthly payment would be through lowering your interest rate or extending ...

A recast is a lumpsumpayment that lowers your monthly payment and may help you pay off your mortgage early. Learn six tips to pay off your mortgage faster, including recast...

Homeowner Assistance Fund (HAF) is a government-sponsored initiative managed by the Department of Treasury to offer assistance for homeowners impacted by the COVID-19 Pandemic that began in 2020. Note: The application process is handled by each state.

Each loan option is made up of 3 elements: 1. Loan Term. This represents how long you have to repay your loan. The most common loan terms are 30 years and 15 years, but there may be other durations depending on your loan type and other factors.

A recast is a lumpsumpayment that lowers your monthly payment and may help you pay off your mortgage early. Learn six tips to pay off your mortgage faster, including recasting your loan.

Interest, which is what your lender charges you for borrowing the money, does not contribute to equity or your principal balance. Paying off your loan early could help you save on interest. But there could be penalties associated with prepayment. Read on. How do lenders charge intere...

A recast is a lumpsumpayment that lowers your monthly payment and may help you pay off your mortgage early. Learn six tips to pay off your mortgage faster, including recasting your loan.