You'll likewise keep the initial rates of interest on your home mortgage. Before modifying your home mortgage, keep in mind to speak with your tax preparer or Certified Public Accountant to determine the tax impact. Here's when you ought to consider recasting your home mortgage. Using this windfall to your mortgage helps reduce your month-to-month payments, which allows you to keep more money in your pocket every month.This could be due to a modification to your earnings, possessions or credit profile that prevents you from certifying for a new loan. This can likewise hold true in a rising rates of interest environment, where it's difficult to re-finance at a lower rate than your current home mortgage. will require you to get a new loan with a different structure, amortization schedule and rates of interest.