You'll likewise keep the initial rates of interest on your home mortgage. Prior to recasting your home mortgage, keep in mind to talk to your tax preparer or CPA to determine the tax impact. Here's when you must consider modifying your home mortgage. Using this windfall to your mortgage assists decrease your month-to-month payments, which allows you to keep more money in your pocket each month.This might be due to a modification to your income, properties or credit profile that prevents you from getting approved for a new loan. This can also be the case in an increasing rates of interest environment, where it's difficult to re-finance at a lower rate than your existing mortgage. will need you to request a new loan with a different structure, amortization schedule and rate of interest.