Homeowners are increasingly exploring the benefits of making extra mortgage payments to reduce their long-term debt. For ...

Recasting lowers your monthly payment, but it doesn't shorten your mortgage or maximize interest savings. Making an extra principal payment won't lower your monthly payment but can reduce the total ...

Mortgage recasting lets you reduce your mortgage payments and total interest by paying a lump sum toward your loan principal. When you recast a mortgage, your interest rate and loan term stay the same ...

If you’ve received a large tax refund, you might consider putting it toward your mortgage as a lump-sum payment. If your payment is large enough — typically $5,000 or more — you may qualify for a ...