You'll also keep the original rate of interest on your home loan. Before modifying your home mortgage, remember to consult with your tax preparer or CPA to figure out the tax impact. Here's when you should consider recasting your home mortgage. Applying this windfall to your mortgage assists lower your month-to-month payments, which permits you to keep more money in your pocket each month.This could be due to a change to your income, assets or credit profile that avoids you from receiving a new loan. This can likewise be the case in an increasing rate of interest environment, where it's impossible to refinance at a lower rate than your present mortgage. will require you to request a brand-new loan with a various structure, amortization schedule and interest rate.