You'll also keep the initial interest rate on your home loan. Before modifying your home loan, keep in mind to consult with your tax preparer or Certified Public Accountant to identify the tax effect. Here's when you must think about modifying your home mortgage. Applying this windfall to your mortgage assists decrease your monthly payments, which permits you to keep more money in your pocket monthly.This could be due to a modification to your income, assets or credit profile that avoids you from receiving a brand-new loan. This can likewise hold true in a rising rates of interest environment, where it's difficult to refinance at a lower rate than your existing mortgage. will require you to apply for a new loan with a different structure, amortization schedule and rates of interest.