FAQs

What is a mortgage recast?

A mortgage recast is when a large payment is made to the principal balance and the loan is amortized over the remaining terms. The result is a lower monthly payment. Recasting does not change the interest rate or any other terms of the loan.

Did you purchase a new home before selling your old home and want to apply the proceeds of the sale to your new Pennymac mortgage? Perhaps you received a large amount of money and want to lower your Pennymac mortgage payment? If this is the case, it sounds like you may want to recast your mortgage. Pennymac can help you with that.