Is your mortgage considered 'refinanced' if you did 'Principal Adjustment' (aka recast: paid off some principal without rate change mainly to reduce monthly payment)?

dwbeacon · ‎June 6, 2019

Vanessa · ‎June 6, 2019

Yes, that would be considered a refinance since the terms are a little different (lower payment) however this will not affect anything since you did not take cash out to use for anything else. So you will answer yes to did you refinance and no (unless you did) to did you take cash out.

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Vanessa · ‎June 6, 2019

Yes, that would be considered a refinance since the terms are a little different (lower payment) however this will not affect anything since you did not take cash out to use for anything else. So you will answer yes to did you refinance and no (unless you did) to did you take cash out.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

dwbeacon · ‎June 6, 2019

Thanks for the info!

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Is your mortgage considered 'refinanced' if you did 'Principal Adjustment' (aka recast: paid off some principal without rate change mainly to reduce monthly payment)?