You'll also keep the initial rate of interest on your home mortgage. Before recasting your mortgage, remember to seek advice from your tax preparer or CPA to identify the tax impact. Here's when you need to consider modifying your home mortgage. Applying this windfall to your home mortgage assists decrease your monthly payments, which permits you to keep more cash in your pocket on a monthly basis.This might be due to a modification to your earnings, possessions or credit profile that avoids you from getting approved for 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 present home mortgage. will require you to get a new loan with a various structure, amortization schedule and rates of interest.