You'll likewise keep the initial interest rate on your home mortgage. Before modifying your home mortgage, keep in mind to speak with your tax preparer or Certified Public Accountant to figure out the tax impact. Here's when you must consider recasting your home mortgage. Using this windfall to your home mortgage assists lower your regular monthly payments, which enables you to keep more cash in your pocket on a monthly basis.This might be due to a change to your income, assets or credit profile that avoids you from getting approved for a new loan. This can also hold true in an increasing interest rate environment, where it's impossible to re-finance at a lower rate than your current home mortgage. will need you to request a brand-new loan with a different structure, amortization schedule and interest rate.