You'll likewise keep the initial rates of interest on your mortgage. Before modifying your home loan, remember to seek advice from your tax preparer or Certified Public Accountant to identify the tax effect. Here's when you must consider recasting your mortgage. Using this windfall to your home mortgage helps decrease your month-to-month payments, which allows you to keep more money in your pocket monthly.This could be due to a change to your earnings, properties or credit profile that prevents you from qualifying for a brand-new loan. This can also hold true in a rising rates of interest environment, where it's difficult to refinance at a lower rate than your current mortgage. will require you to look for a new loan with a various structure, amortization schedule and interest rate.