click to enable zoom
loading...
We didn't find any results
open map
View Roadmap Satellite Hybrid Terrain My Location Fullscreen Prev Next
Advanced Search
Advanced Search

$ 0 to $ 1,500,000

More Search Options
we found 0 results

Recast, Everything You Need to Know!

What is a recast?

  • A mortgage recast is a feature where the remaining payments are recalculated based on a new amortization schedule. During a mortgage recasting, an individual pays a large sum (over $5,000) toward their principal, and their mortgage is then recalculated based on the new balance.

What types of loans are NOT eligible for a recast?

The following loan products are not eligible for a recast:

  • Federal Housing Administration (FHA) Loans
  • Veterans Affairs (VA) Loans
  • Government National Mortgage Association (GNMA) Loans
  • Bond Loans
  • Jumbo Loans
  • Caliber Portfolio Loans originated on or before 7/24/18

What are the requirements for a recast?

  • The loan must be paid current.
  • The recast process cannot commence within 60 days from the date the loan closes.
  • The recast process can only be performed once in a 12 month period.*
  • A principal reduction payment of $5,000 or more is required.
  • The recast process must be requested within 60 days of the principal reduction payment.
  • The first monthly payment following the principal reduction payment must be made at the regularly scheduled amount; thereafter, the reduced principal and interest payment amount will be due.
  • A form or application is not required to begin the recast process; however, the signed recast agreement must be received prior to executing the recast.
  • A program processing fee must be paid in the amount of $250, where applicable**.

* Caliber Portfolio loans originated after 7/24/18 are limited to one recast during the life of the loan.

** A recast fee is not applicable in all states.

What is the process for obtaining a Recast?

  1. Contact Caliber Customer Service to request the mortgage recast.
  2. Make a principal only payment in the amount of $5000 or greater.
  3. Return signed agreement to Caliber. The signed agreement must be returned via regular mail before the due date on the agreement.
  4. The recast fee must be paid prior to the execution of the recast.
  5. Once both the signed agreement and recast fee received, the new principal and interest payment will be finalized. A billing statement with the new payment and a copy of the agreement will be mailed to you for your records.

How can I pay the principle reduction payment?

  1. Online @myaccount.caliberhomeloans.com
  2. By Bank Wire
    **Please reference your id and loan number on the wire instructions.**Company id: Caliber Home Loans, Inc.
    Bank id: Bank of America
    Bank Address:
     2000 Clayton Rd., Concord, CA 94520
    Account Number: 1291063793
    ABA Routing Number:
     026009593
  3. By Check

    Payment mailing address:
    Caliber Home Loans, Inc.
    Attn: Recast
    P.O. Box 272556
    Oklahoma City, OK 73137-2556

    Overnight payment mailing address:
    Caliber Home Loans, Inc.
    Attn: Recast – Cash Operations
    13801 Wireless Way
    Oklahoma City, OK 73134
  4. By Phone @ 1-800-401-6587

** Visit Caliber Home Loans FAQ section for additional information regarding your home loan.

https://www.caliberhomeloans.com/faqs

First-time buyers

Mortgage Calculator

Contact our office with any questions, concerns or ideas.  No Question is too small. 

Social Share

Share on facebook
Share on twitter
Share on linkedin
Share on pinterest
Share on telegram
Share on whatsapp

What is a Mortgage Forbearance Agreement?

With the COVID-19 pandemic continuing to wreak havoc around the globe, many homeowners have found …

Read More

Mortgage 101

Mortgage is a rather common word. It is heard often throughout the average person’s lifetime. But …

Read More

Understanding Your Closing Costs

One of those things that many home buyers, particularly new home buyers, don’t consider in the …

Read More

Arizona Rentals

In the past 15 years, I have moved multiple times and worked with many different realtors throughout the country. None of the past experiences compare to the experience my wife and I received from Austin Heredia and Chicago Rentals. Austin was extremely patient and professional throughout the process of finding a new home. He went above and beyond in helping my wife and I to find our first home after marriage. We had a lot of needs and he made sure to hit all of them!
I highly, highly recommend Chicago Rentals and Austin Heredia for all your rental needs. He is extremely personal, professional and patient through the process. He has a passion for getting out into the field and meeting new people. He will surely help you to make your next dream place a reality ! Look no further then Chicago Rentals and Austin Heredia to help you find your next home. You will not regret it !
– Chris H.
Copyright 2021 | AZ-Rentals. All Rights Reserved.

Compare Listings

We have exclusive properties just for you, Leave your details and we'll talk soon.

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incid idunt ut labore ellt dolore.
Step 1 of 17