You'll likewise keep the initial interest rate on your home mortgage. Prior to recasting your home mortgage, remember to talk to your tax preparer or Certified Public Accountant to identify the tax effect. Here's when you ought to consider modifying your home mortgage. Using this windfall to your home loan helps lower your regular monthly payments, which permits you to keep more money in your pocket on a monthly basis.This might be due to a modification to your earnings, assets or credit profile that prevents you from qualifying for a brand-new loan. This can likewise hold true in an increasing rates of interest environment, where it's impossible to re-finance at a lower rate than your existing home mortgage. will require you to apply for a brand-new loan with a various structure, amortization schedule and interest rate.