Short answer
Two ways to lower your payment — and how to pick.
You pay a lump sum toward principal, and the lender re-amortizes the balance over the remaining term. Rate stays the same, closing costs are minimal, but you keep the original loan.
Recasting
You pay a lump sum toward principal, and the lender re-amortizes the balance over the remaining term. Rate stays the same, closing costs are minimal, but you keep the original loan.
Refinancing
You get a new loan with new rate, term, and closing costs. More flexibility but more effort.
Key takeaways
- Recast if the current rate is great and you have cash.
- Refinance if the rate or term needs to change.
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Related mortgage option
Ready to apply this to a real loan? Review how Refinancing work in Florida, or estimate your monthly payment before you talk to an advisor.
Sources
Program rules change and individual lender overlays apply. Verify specifics with the agency or with a licensed NexGen Capital advisor before relying on them.
Reviewed by NexGen Capital Corp
Written and reviewed by the licensed mortgage team at NexGen Capital Corp, a Florida mortgage brokerage (NMLS #1766649). Verify our license on NMLS Consumer Access.
Last reviewed: 2026
This article is educational and is not a commitment to lend or an offer of credit. Speak with a licensed NexGen advisor about your own situation.