Can The Home Loan Be Recast To Lower Payment & Interest

Can The Home Loan Be Recast To Lower Payment & Interest

Yes. A loan recast is when the lender will reamortize the loan with the new (lower) balance. It is typically used when one has paid a lump sum toward the outstanding balance, in turn reducing the remaining monthly payments and interest. When a loan is recast, the same interest rate and term is kept.

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