Mortgage Loan Recast
A Greater Recast Option to Lower Your Mortgage Payments
If you’re a Greater Nevada Mortgage (GNM) borrower with a lump sum of funds you can apply to your current loan, consider the Greater Recast1 program from GNM. The benefits include:
- Recasting, or re-amortizing your loan reduces your monthly mortgage payment.
- No credit check is needed.
- Your current interest rate and loan term remain the same—an advantage for those with already low interest rates.
- It’s also a great option for those who bought a new home while selling their existing home. Proceeds from the sale can be applied to the new home mortgage to lower the payments.
How Loan Recasting Works
Recasting a mortgage loan involves providing a lump sum principle reduction payment. At Greater Nevada Mortgage, the minimum is $5,000, plus a one-time fee of $300. Your interest rate and term remains the same, although your balance is reduced by your lump sum payment, which then lowers your monthly mortgage payment accordingly.
Want to learn more? Simply call (775) 888-6999 and the GNM loan servicing team can answer your questions and process your application request. You’ll know within 14 business days if you’ve been approved for the program.
2Download the Greater Recast program application: click here.
1Not all loans or borrowers are eligible for the Greater Recast program. Contact Greater Nevada Mortgage for details, terms and conditions.
2Greater Nevada Mortgage uses DocuSign to support secure electronic forms and signature. By accessing the Greater Recast form link, you will verify your identify and electronically remit documents to us. If you are unable to complete the verification questions or have questions regarding the document for signature, please contact us at (775) 888-6999 or (800) 526-6999.