Thomas Nitzsche, a spokesman for ClearPoint Credit Counseling Services, lowered his mortgage payment by $70 a month by recasting the loan on a rental home he owns. Borrowers must be current on their loan payments to qualify for a loan recast. Recasts are typically done when someone comes into a large amount of money, such as an inheritance, pay bonus at work, or win the lottery. Only the monthly payment is lowered because the principal has been reduced.
The interest rate and loan term remain the same. Recasting, also called “re-amortizing” a home loan, is when a large payment of $5,000 or more is applied to the unpaid principal balance of the loan, and the loan is re-amortized and the monthly payment is lowered. Instead of paying a few thousand dollars in refi costs, they can “recast” their existing loan for a few hundred dollars and still have a lower monthly payment, and their loan balance will be lower, too. There’s an easier and lesser-known option than refinancing for homeowners who want to lower their monthly mortgage payment. ICB Solutions | NMLS #491986 ( Close Modal Mortgage products are not offered directly on the website and if you are connected to a lender through, specific terms and conditions from that lender will apply. will not charge, seek or accept fees of any kind from you. By submitting your information you agree Mortgage Research Center can provide your information to one of these companies, who will then contact you.
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