You'll likewise keep the original rate of interest on your mortgage. Before modifying your home mortgage, remember 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. Applying this windfall to your home loan helps lower your regular monthly payments, which enables you to keep more money in your pocket every month.This could be due to a modification to your income, assets or credit profile that prevents you from receiving a new loan. This can also hold true in an increasing interest rate environment, where it's impossible to refinance at a lower rate than your existing home mortgage. will require you to make an application for a brand-new loan with a various structure, amortization schedule and interest rate.