You'll likewise keep the original interest rate on your home mortgage. Before modifying your mortgage, keep in mind to speak with your tax preparer or CPA to identify the tax effect. Here's when you ought to consider recasting your home mortgage. Using this windfall to your mortgage helps lower your month-to-month payments, which enables you to keep more cash in your pocket every month.This could be due to a change to your income, possessions or credit profile that prevents you from certifying for a new loan. This can likewise be the case in a rising rate of interest environment, where it's difficult to re-finance at a lower rate than your present mortgage. will require you to make an application for a brand-new loan with a different structure, amortization schedule and interest rate.