What is Recast (Re-amortization)?
Some mortgages can be set up with the option to re-amortize or “recast” after closing. When recasting, you pay an extra lump-sum toward principal and your lender actually refigures your monthly payment, based on your new, lower loan balance and remaining loan term. This can be a very cool feature.
In addition to our glossary, we have a library of downloadable PDFs that cover planning your purchase and gathering documentation, as well as all the mortgage fundamentals.
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