what is a mortgage recast 
a mortgage recast also called a loan recast is a feature of some types of mortgages where remaining monthly payments are recalculated based on a new amortization schedule during a mortgage recast the borrower pays a large sum toward their principal and their mortgage is then recalculated based on the new lower balance outstanding some mortgages have a scheduled recast date which is the date when the lender will calculate a new amortization schedule based on the mortgage s remaining principal balance and term 