 TITLE: How to Recast Your Mortgage CONTENT: Pros and Cons of Mortgage Recasting\n-----------------------------------\nRecasting your mortgage offers pros and cons.\n### Pros\n*   Lower monthly mortgage payment\n*   No credit check\n*   No closing costs\n*   No home appraisal\n*   Low administrative fee\n*   Same interest rate\n*   Same loan term (such as 30 years)\n### Cons\nAmong the cons of mortgage recasting are:\n*   Not offered by all lenders\n*   Not all mortgages qualify\n*   A potentially large lump-sum payment is required\n*   Interest rate stays the same\n*   Loan term doesn't decrease. If you initially took out a 30-year loan, a recast mortgage will still be a 30-year loan. END