You'll also keep the original rate of interest on your mortgage. Prior to modifying your home mortgage, remember to seek advice from your tax preparer or Certified Public Accountant to identify the tax impact. Here's when you should think about modifying your home mortgage. Applying this windfall to your home loan assists reduce your regular monthly payments, which permits you to keep more money in your pocket monthly.This could be due to a change to your income, possessions or credit profile that prevents you from certifying for a brand-new loan. This can likewise hold true in an increasing rate of interest environment, where it's impossible to refinance at a lower rate than your current home mortgage. will require you to obtain a new loan with a various structure, amortization schedule and rate of interest.