Transcript: How a recast could work

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At Chase, we're here to help you make the most of your mortgage with smart, flexible options built for today and ready for tomorrow.

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Imagine having the flexibility to pay off your mortgage sooner or to lower your monthly payments if your financial needs change.

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Text on screen reads: Easy principal payments through flexible automatic payment options.

Disclaimer on screen reads: Making a principal reduction to your loan lowers the amount of interest you pay over the life of the loan. By performing a recast, your monthly payment will be reduced but you will pay more interest over the life of the loan compared to not completing a recast.

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You can make this a reality by making extra principal payments with our flexible automatic payment service.

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These payments will accelerate your mortgage payoff, allowing you to save on interest and pay your loan off sooner.

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Text on screen reads: Help build a safety net with extra payments.

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Over time, those extra payments can also help build a safety net in case your financial needs shift because they can be used to lower your monthly payments.

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Text on screen reads: Reduce your monthly mortgage payments while keeping your current interest rate and loan term.

Disclaimer on screen reads: Recasts are not available for government (FHA, VA, USDA) loans.

Your loan must be in good standing at the time you request a recast.

Chase retains the right to stop offering recasts at any time.

Terms and conditions are subject to change without notice.

Not all products are available in all states or for all amounts.

Other restrictions and limitations apply.

Fees may apply.

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Chase offers a mortgage recast for eligible customers. It's a simple way to use your extra payments to reduce your monthly payments while keeping your existing loan term and interest rate.

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For example, a $400,846 30-year loan at 3.5% interest rate has a monthly principal and interest payment of $1,800.

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Footnote on screen reads: Assuming loan is paid ahead by $60,000 after 10 years.

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By enrolling in automatic payments and adding $500 to your principal each month, following a re-cast, your monthly payment reduces to $1,384.05. That's a little over $900 back in your monthly budget.

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No appraisal required.
Minimal paperwork.
More flexibility in your monthly budget.

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No appraisal.

Minimal paperwork.

Just more room in your monthly budget.

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Find out if your mortgage qualifies for this powerful financial tool.

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Not all loans qualify, but if yours does, it's a powerful tool.

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Plan smarter with Chase's payment calculators

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You can always explore our payment savings calculators on Chase MyHome® to see how small changes today can unlock long-term control over your mortgage.

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Start building your financial safety net today.

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Start building your safety net.

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Chase logo swipes on screen.

Text below says: Enroll in automatic payments or learn more about recast below. Recasts are not available for government (FHA, VA, USDA) loans. Your loan must be in good standing at the time you request a recast. Chase retains the right to stop offering recasts at any time.

Terms and conditions are subject to change without notice. Not all products are available in all states or for all amounts. Other restrictions and limitations apply. Fees may apply. Making a principal reduction to your loan lowers the amount of interest you pay over the life of the loan. By performing a recast, your monthly payment will be reduced but you will pay more interest over the life of the loan compared to not completing a recast.

Speak with your Home Lending Advisor to evaluate the best option for you. All home lending products are subject to credit and property approval.

Rates, program terms, and conditions are subject to change without notice.

Not all products are available in all states or for all amounts.

Other restrictions and limitations apply. Next to the Equal Housing Opportunity logo is text:

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Enroll in automatic payments, or learn more about recast below the video.