You'll also keep the initial rate of interest on your home mortgage. Before modifying your mortgage, remember to speak with your tax preparer or CPA to determine the tax impact. Here's when you ought to consider recasting your mortgage. Using this windfall to your home mortgage assists decrease your monthly payments, which allows you to keep more cash in your pocket on a monthly basis.This might be due to a modification to your earnings, possessions or credit profile that prevents you from receiving a brand-new loan. This can also hold true in an increasing rate of interest environment, where it's impossible to re-finance at a lower rate than your existing home loan. will require you to get a brand-new loan with a various structure, amortization schedule and rates of interest.