A recalculation of mortgage repayment to suit lenders' financial circumstance. It usually occurs when the lender is in financial distress and may need to make lower monthly payments. However, it can also occur if a person pays a huge sum of money on their mortgage, which means that the interest may need to be recalculated; hence, the agreed loan end-date may change.
Related information about mortgage recast:
- What Is Mortgage Recasting And Why Do It? | Bankrate.com
Some lenders offer homeowners a chance to lower their monthly payments by recasting their current home loan. Bankrate.com shows you the way!
- Mortgage Recast Definition | Investopedia
A feature in some types of mortgages where the remaining scheduled principal and interest payments are recalculated based on a new amortization schedule.
- How to Recast Your Mortgage
May 31, 2010 ... What is a Loan (Mortgage) Recast. Basically, a loan recast is just a fancy way term for re-amortizing your loan schedule with the remaining ...
- Mortgage Recast vs. Refinance
What's the difference between recasting a loan and refinancing? In both cases you can end up with a different (ideally lower) monthly payment. However, they're ...
- Voluntary Mortgage Recasts - The Mortgage Professor
Mar 28, 2011 ... A mortgage recast is a change in the monthly payment that makes the payment fully-amortizing. The recast will be a payment increase when ...
- Cut Loan Payments With a Mortgage Recast - Bankingmyway.com
If your fixed-rate mortgage payment is too high, there are a couple things you can do: You can refinance to reduce your interest rate, and you might even ...
- What Is the Advantage of a Mortgage Recast? - Budgeting Money
You hear a lot about mortgage refinancing -- replacing your existing home loan with a new loan, one with better terms. You don't hear as much about mortgage ...
- What is mortgage recast? definition and meaning
Definition of mortgage recast: A recalculation of mortgage repayment to suit lenders' financial circumstance. It usually occurs when the lender is in financial ...