Latest / Mortgage Research Network Podcast
Recast, Don’t Refi: Cut Your Payment Without Starting Over
Most homeowners haven’t heard of a mortgage recast—but it can slash your monthly payment without a refinance, credit check, appraisal, or new term. Tim Lucas and Craig Berry break down how recasting works, who qualifies, and the key tradeoffs vs. just making a big extra principal payment.In this episode you’ll learn:How a recast works: Make a lump-sum principal payment, pay a small admin fee, and your lender re-amortizes the remaining balance at your current interest rate and remaining term.The real-world math: On a $383,000 loan at 5.5%, a $150,000 lump sum could drop the payment from $2,271…
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