frequently asked questions

Can I have my monthly payment amount reduced if I make a large principal payment?

The process of re-amortizing your mortgage loan is called a Mortgage Recast. This does not change the terms of your loan as detailed in your original documents; however, it does reduce your monthly payment, as it is now calculated based on the new Principal Balance and divided by the remaining time left on the loan. If your loan is in the service transfer process, you will need to contact the new servicer to make this request.