TermLoans & mortgages
Mortgage recast
Paying a big lump sum and having the lender re-spread the balance into smaller payments — same rate, no full refinance.
Watch out for this
Cheaper than refinancing if you just want a lower payment and have cash on hand.
About this entry: short by design — every term in The Money Translator gets a one-sentence definition and a one-sentence reason to care. Some terms get deeper guides under the work.