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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