Recasting after lump sum? Hey y’all, got a question ’cause I can’t wrap my head around it for some reason, even though I feel like it shouldn’t be that complicated. My wife and I are planning to make a large lump sum payment on our mortgage ($30k) after a CD comes to maturity. After doing so we’ve considered recasting the mortgage to lower the necessary payment, but cont…

Recasting a mortgage Hello, I have paid ALOT of money towards the principal of my mortgage. I have about 40k left of it. I have it through Huntington and can use the paid ahead principal to recast the mortgage. This could be a silly question, but if I did recast the mortgage, I know it will make my monthly payment lower, but my principal balance remains at 40k, rig…

Retired and recasting vs prepayment We are both retired. We purchased a new home with a significant mortgage ($560K). We just sold our old house and now are in a position to pay off $500K of the mortgage, leaving some money for improvements on the house we bought. We have been planning to recast the mortgage to achieve a lower mortgage payment. This raises several questions: * Is …