Short Answer
It means your loan meets the requirements to allow your monthly payment to be recalculated after a large principal payment.
What It Means
To be eligible, most borrowers must:
- Be current on payments
- Make a required minimum principal payment
- Pay a processing fee
- Have an eligible loan type
Many government-backed loans do not qualify.
If you want to check whether your loan is eligible, see our article:
Am I Eligible for a Mortgage Recast?
Or contact us for a review of your loan.
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