You'll also keep the initial rates of interest on your mortgage. Prior to recasting your mortgage, remember to talk to your tax preparer or CPA to identify the tax effect. Here's when you need to consider recasting your home loan. Applying this windfall to your mortgage helps decrease your month-to-month payments, which permits you to keep more money in your pocket on a monthly basis.This could be due to a change to your earnings, assets or credit profile that prevents you from receiving a new loan. This can likewise be the case in an increasing rates of interest environment, where it's impossible to re-finance at a lower rate than your present home mortgage. will need you to make an application for a brand-new loan with a various structure, amortization schedule and rates of interest.