# Loan Recast (Re-Amortization) FAQ Source: https://www.gatewayfirst.com/loan-recast-re-amortization-faq Thank you for your recent inquiry to Recast (Re-Amortize) your current loan with Gateway Mortgage. This guide will help answer some of the more common questions and resources you will need throughout the process. ## Loan Recast (Re-Amortization) ### Frequently Asked Questions Thank you for your recent inquiry to Recast (Re-Amortize) your current loan with Gateway Mortgage. This guide will help answer some of the more common questions and resources you will need throughout the process. #### What is a loan recast? A loan recast is a way to lower your monthly mortgage payment without refinancing. It involves making a lump-sum payment toward your loan principal, which reduces your monthly principal and interest (P&I) payments. Your interest rate and loan term stay the same, but you’ll pay less interest over time. **Note:** If your loan includes escrow, your total monthly payment may still change based on property taxes and homeowners’ insurance. #### Which loans are eligible for recasting? Eligible - Conventional and Jumbo Loans Not Eligible - FHA, VA, and USDA Loans Recast Requirements To qualify for a loan recast, you must: - Pay a non-refundable $350 fee (can be included with your lump-sum payment) - Have a qualifying loan type - Ensure your loan is current, cannot be in a delinquent state - Have made your first scheduled payment (for new loans) - Submit a written request within 30 days of your lump-sum payment - Make a minimum lump-sum payment of 10% of your current loan balance; only certified funds (cashier’s check, money order, or bank wire) are accepted #### How do I start the recasting process? **Confirm Eligibility** Email: [recasts@gatewayloan.com](mailto:recasts@gatewayloan.com) 1. Submit a written request - By mail: Gateway Mortgage – Attn: Loan Recasts 244 South Gateway Place Jenks, OK 74037-3448 - By email: [Recasts@gatewayloan.com](mailto:Recasts@gatewayloan.com) 2. Make your lump-sum payment (by one of the following) - Wire Transfer: - Bank: Gateway First Bank - Routing #: 103112552 - Account #: 414344 - Reference: Recast for [Your Name] & [Loan Number] - Mail (Cashier’s Check or Money Order): Gateway Mortgage – Attn: Recasts 244 South Gateway Place Jenks, OK 74037-3448 3. Pay the $350 recasting fee **What to Expect After Submission:** - Processing takes 60 - 90 days after payment and fee are applied. You must continue making regular payments during this time - The new payment amount becomes effective 60 days after application. - You’ll receive documents which will need to be signed, notarized and returned 30 - 45 days after payment. #### Will recasting eliminate PMI (Private Mortgage Insurance)? If your lump-sum payment brings your loan-to-value ratio below 80%, you may qualify to remove PMI. PMI removal (if applicable) must be requested separately at MI@gatewayloan.com. **Note: **PMI removal requests may have additional costs associated outside of the recast request. Please contact the MI Department for information about the process and/or applicable costs. #### How much can I save by recasting? Savings depend on the lump-sum amount and remaining loan term. You’ll reduce your monthly payments and total interest paid, but not the overall loan term when recasting your loan. #### Who do I contact for questions? Need Help? Contact us at [recasts@gatewayloan.com](email:+recasts@gatewayloan.com) with any questions. #### Can I download these FAQs? To view and download the FAQs as a PDF, please click here. Published: 2025-11-25T15:05:52.994Z