Chase calls this a "recast". Just ask them, and they'll be happy to do it. The bank makes more interest since you start over at Year One of the 30 year amortization schedule. But you get a lower rate - if your mortgage was 3.7, and the current rate is 4.5, you get to keep 3.7.
Chase calls this a "recast". Just ask them, and they'll be happy to do it. The bank makes more interest since you start over at Year One of the 30 year amortization schedule. But you get a lower rate - if your mortgage was 3.7, and the current rate is 4.5, you get to keep 3.7.
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