You'll likewise keep the original rates of interest on your home mortgage. Before modifying your home mortgage, keep in mind to seek advice from your tax preparer or CPA to figure out the tax impact. Here's when you must consider modifying your mortgage. Using this windfall to your mortgage helps lower your monthly payments, which allows you to keep more money in your pocket on a monthly basis.This could be due to a modification to your income, assets or credit profile that avoids you from qualifying for a new loan. This can likewise be the case in a rising rates of interest environment, where it's impossible to re-finance at a lower rate than your current home mortgage. will require you to request a brand-new loan with a various structure, amortization schedule and rate of interest.