What is mortgage recasting?
You pay a lump sum now to cut future monthly payments. But there are drawbacks.
Taylor Freitas is a Bankrate contributor with over a decade of professional journalism experience. Over her career, she has covered various topics, including personal finance, credit cards, travel rewards, home ownership, mortgages, and home improvement.
When she isn’t writing, Taylor can be found using points and miles to explore new countries (most recently, Cambodia and Vietnam), discovering new music, and cheering on her beloved USC Trojans.
You pay a lump sum now to cut future monthly payments. But there are drawbacks.
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One means lower payments, the other costs less overall.