A re-amortization (also known as a recast) is when you make a large one-time payment of at least $10,000 in order to reduce your monthly payment amount. When you choose to re-amortize your loan, the maturity date of your mortgage does not change. Instead, your monthly payment amount decreases based on the amount of your one-time payment.
If you'd like to request a re-amortization, please email your request to support@valon.com. After you reach out to us, here’s what you can expect:
- We’ll respond to your email with an official request form. You’ll be responsible for completing the form and submitting it back to us.
- We’ll review and determine your eligibility for a re-amortization.
- If approved, we’ll ask you to send us the funds for the re-amortization (we can only accept certified checks or wire transfers).
Are there any fees?
There's a $250 fee to process a re-amortization.
Can I re-amortize my loan if I made curtailment payments to my prior servicer?
Only if you initiated the recast process with your prior servicer can we honor a re-amortization request without any additional payment to us.