A mortgage recast is when you make a lump-sum payment toward your principal balance to reduce your monthly payments. Learn how mortgage recasting works.| Rocket Mortgage
The principal is the amount of funding borrowed for your loan, while interest is the money paid for use of the loan. Learn how these components interact.| Rocket Mortgage
A mortgage amortization schedule shows a breakdown of your monthly mortgage payment over time. Figure out how to calculate your mortgage amortization.| Rocket Mortgage
A fixed-rate mortgage will maintain a single interest rate for the life of the loan. Explore how fixed-rate mortgages work and their various benefits.| Rocket Mortgage
Biweekly mortgage payments help pay off your loan faster by applying an extra payment to the principal yearly. Find out if biweekly payments are right for you.| Rocket Mortgage
A prepayment penalty is a fee some lenders charge when you pay all or part of your loan off early. Find out what triggers the fee and how to avoid it.| Rocket Mortgage
Home equity is the value of the portion of your home you own. Discover the multiple ways to tap into that equity and how to calculate it.| Rocket Mortgage
Lowering your mortgage payments can offer you financial flexibility for other things. Learn all the ways you can lower your monthly mortgage payment.| Rocket Mortgage
Mortgage refinancing works by trading your mortgage for a newer one, ideally with a lower balance and interest rate. Learn why and how to refinance a mortgage.| Rocket Mortgage