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A mortgage recast is when you make a lump-sum payment toward your principal balance to reduce your monthly payments. Learn how mortgage recasting works. More @Wikipedia
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- Banks Complete $6.3 Billion in Mortgage Write-Downs
- Bank Of America Starts Round 1 Of Mortgage Reductions
- Federal regulator stands by his principles on principal reduction
- Banks cutting principal on some mortgages: report
- Mortgage Principal Reduction: Why "Re-Equifying" Borrowers Could Exacerbate The Mortgage Mess
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- Mortgage Recasting: What You Should Know | Rocket MortgageA mortgage recast is when you make a lump-sum payment toward your principal balance to reduce your monthly payments. Learn how mortgage recasting works.
- How to make a principal-only payment on your mortgage - Chase.comMaking principal-only payments on your mortgage helps reduce interest and pay off your loan faster. Learn how to make a principal-only payment and more.
- How to Calculate Principal and Interest - InvestopediaA principal reduction is a decrease in the principal owed on a loan, typically a mortgage.
- PRINCIPAL REDUCTION: Definition, Calculations, and CalculatorA principal reduction (PR) is a reduction in the amount owed on a loan, most often a mortgage. As an alternative to foreclosure, a lender may grant a principal reduction to provide financial relief to a borrower.
- How to Calculate Principal Reduction in Mortgage LoansWith fixed monthly payments, the ratio between the principal and interest amount changes each month. The principal reduction of a mortgage loan doesn't follow the monthly payments — only part of each payment goes toward the principal, while the rest goes toward the interest.
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