You'll likewise keep the initial rate of interest on your home mortgage. Before recasting your home mortgage, remember to talk to your tax preparer or CPA to identify the tax impact. Here's when you ought to think about modifying your home mortgage. Applying this windfall to your mortgage helps decrease your monthly payments, which allows you to keep more money in your pocket each month.This could be due to a modification to your earnings, assets or credit profile that avoids you from qualifying for a new loan. This can also be the case in an increasing rates of interest environment, where it's difficult to refinance at a lower rate than your present home loan. will require you to get a new loan with a various structure, amortization schedule and rate of interest.