a mortgage at today's remarkably low rates is an excellent financial move, but it isn't always easy to do or affordable. Now another, little-known option is emerging, known as recasting, or re-amortizing. Rather than applying for a new loan, recasting allows borrowers to negotiate a new, lower payment with lenders by applying additional funds to their existing loan balance. Lenders don't advertise this option because it likely earns them lower profits than refinancing. Recasting is best suited for borrowers who have extra cash, though some financial advisers warn borrowers about tying up too much of their savings in a loan.