You'll also keep the initial rate of interest on your mortgage. Prior to modifying your mortgage, keep in mind to seek advice from with your tax preparer or Certified Public Accountant to figure out the tax impact. Here's when you ought to consider recasting your home loan. Using this windfall to your mortgage helps lower your regular monthly payments, which allows you to keep more cash in your pocket each month.This might be due to a modification to your income, possessions or credit profile that avoids you from receiving a brand-new loan. This can likewise hold true in an increasing interest rate environment, where it's impossible to refinance at a lower rate than your present mortgage. will require you to obtain a new loan with a various structure, amortization schedule and interest rate.