When you borrow money, you’ll also pay interest on top of the amount you borrowed.. Interest is the money the lender gets for loaning you the money. Read Next: 5 Subtly Genius Moves All Wealthy People ...

Recasting lowers your monthly payment, but it doesn't shorten your mortgage or maximize interest savings. Making an extra principal payment won't lower your monthly payment but can reduce the total ...

With over four years of experience writing in the housing market space, Robin Rothstein demystifies mortgage and loan concepts, helping first-time homebuyers and homeowners make informed decisions as ...