Scheduled recast
Scheduled recast
A scheduled recast is a planned restructure of a mortgage loan's payment structure. An interest-only mortgage, for example, may have a scheduled recast. This would be the date the mortgage converts from interest-only to fully amortizing. On that date, the outstanding debt balance is used to calculate the payment amount required so that the mortgage will be fully paid off at maturity.
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National Rates
| Loan Type | Today |
|---|---|
| 30 yr fixed |
5.03 |
| 15 yr fixed |
4.58 |
| 5/1 ARM | 3.99 |
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