You'll also keep the initial interest rate on your home mortgage. Prior to recasting your mortgage, keep in mind to consult with your tax preparer or Certified Public Accountant to identify the tax effect. Here's when you ought to think about modifying your home loan. Using this windfall to your mortgage assists lower your monthly payments, which permits you to keep more money in your pocket monthly.This could be due to a modification to your income, assets or credit profile that prevents you from receiving a new loan. This can likewise be the case in an increasing interest rate environment, where it's impossible to re-finance at a lower rate than your present home loan. will need you to look for a brand-new loan with a various structure, amortization schedule and rate of interest.