You'll also keep the original interest rate on your mortgage. Prior to recasting your mortgage, remember to talk to your tax preparer or CPA to determine the tax effect. Here's when you need to consider modifying your mortgage. Using this windfall to your mortgage assists reduce your monthly payments, which allows you to keep more money in your pocket on a monthly basis.This might be due to a change to your earnings, assets or credit profile that prevents you from receiving a brand-new loan. This can likewise hold true in a rising rate of interest environment, where it's difficult to re-finance at a lower rate than your current mortgage. will need you to look for a brand-new loan with a various structure, amortization schedule and rate of interest.