You'll likewise keep the initial interest rate on your mortgage. Before recasting your mortgage, remember to speak with your tax preparer or Certified Public Accountant to identify the tax impact. Here's when you need to consider recasting your home mortgage. Applying this windfall to your home mortgage assists lower your regular monthly payments, which enables you to keep more money in your pocket every month.This might be due to a change to your income, assets or credit profile that avoids you from qualifying for a brand-new loan. This can also hold true in a rising interest rate environment, where it's impossible to re-finance at a lower rate than your current home mortgage. will need you to use for a brand-new loan with a various structure, amortization schedule and interest rate.