You'll likewise keep the original rate of interest on your home mortgage. Prior to recasting your home mortgage, remember to speak with your tax preparer or Certified Public Accountant to figure out the tax impact. Here's when you need to think about recasting your home mortgage. Using this windfall to your mortgage helps lower your regular monthly payments, which enables you to keep more money in your pocket on a monthly basis.This could be due to a modification to your earnings, assets or credit profile that prevents you from certifying for a new loan. This can likewise be the case in a rising rates of interest environment, where it's difficult to refinance at a lower rate than your current home mortgage. will need you to make an application for a new loan with a different structure, amortization schedule and rate of interest.