You'll likewise keep the initial rates of interest on your home mortgage. Prior to modifying your mortgage, keep in mind to seek advice from your tax preparer or Certified Public Accountant to figure out the tax effect. Here's when you should consider modifying your home mortgage. Applying this windfall to your home mortgage helps decrease your month-to-month payments, which enables you to keep more money in your pocket on a monthly basis.This might be due to a modification to your earnings, assets or credit profile that prevents you from getting approved for a new loan. This can also hold true in an increasing rates of interest environment, where it's impossible to refinance at a lower rate than your present mortgage. will require you to request a brand-new loan with a different structure, amortization schedule and rates of interest.