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INFORMATION SHEET MORTGAGE LOAN RECAST What is a Mortgage Loan Recast? A mortgage loan recast is when you pay a substantial amount of principal on your loan to reduce the balance and monthly payment.
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How to fill out what is mortgage recasting

01
Gather your mortgage documents and current loan information.
02
Contact your mortgage lender to inquire about their recasting policies.
03
Submit a request for recasting to your lender, indicating your desire to lower your monthly payments.
04
Provide any necessary documentation, such as proof of a lump-sum payment that you will make towards the principal.
05
Wait for your lender to calculate the new payment structure based on your remaining balance.
06
Review and sign the updated loan agreement once your lender provides the new terms.

Who needs what is mortgage recasting?

01
Homeowners who have recently made a significant payment towards the principal of their mortgage.
02
Borrowers looking to reduce their monthly mortgage payments without refinancing.
03
Individuals seeking to improve cash flow while still retaining the original loan terms.
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Mortgage recasting is a financial process where a borrower asks their lender to recalculate their monthly mortgage payments based on a new loan balance, typically after making a lump sum payment towards the principal.
There is no specific filing requirement for individuals regarding mortgage recasting; it is a process dealt with directly between the borrower and the lender.
Mortgage recasting does not require a standard form to fill out; however, the borrower should request recasting from the lender and provide necessary information such as account details and the amount of the lump sum payment.
The purpose of mortgage recasting is to potentially lower monthly mortgage payments and reduce the overall interest paid over the life of the loan, enabling more manageable payments for the borrower.
The borrower may need to provide their mortgage account number, the new principal amount after the lump sum payment, and any updated financial information requested by the lender.
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