What is the difference between a refinance and a recast?

A recast is a lump sum toward the loan principal to lower the monthly payment while keeping the same maturity date and interest rate. Refinancing would pay off your current loan and replace it with a new loan that could include different term rates and principal amounts.

A recast has associated fees, as does a refinance. If you have any questions, please find a local lender or call (855) 287-7852 for more information.