You'll also keep the original rate of interest on your home mortgage. Prior to recasting your mortgage, remember to seek advice from your tax preparer or CPA to determine the tax impact. Here's when you ought to consider modifying your home mortgage. Using this windfall to your home loan assists decrease your monthly payments, which allows you to keep more cash 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 difficult to re-finance at a lower rate than your current home mortgage. will require you to obtain a new loan with a different structure, amortization schedule and rate of interest.