You'll likewise keep the initial rate of interest on your home mortgage. Before modifying your home loan, keep in mind to consult with your tax preparer or CPA to identify the tax effect. Here's when you need to think about modifying your home mortgage. Applying this windfall to your home loan assists decrease your monthly payments, which permits you to keep more money in your pocket on a monthly basis.This could be due to a change to your income, properties or credit profile that avoids you from getting approved for a new loan. This can likewise hold true in a rising interest rate environment, where it's impossible to refinance at a lower rate than your existing mortgage. will need you to look for a new loan with a different structure, amortization schedule and rate of interest.