You'll also keep the initial rates of interest on your mortgage. Before modifying your mortgage, keep in mind to speak with your tax preparer or Certified Public Accountant to figure out the tax effect. Here's when you should consider modifying your mortgage. Using this windfall to your home mortgage assists decrease your month-to-month payments, which permits you to keep more cash in your pocket every month.This could be due to a change to your earnings, possessions or credit profile that prevents you from receiving a new loan. This can likewise be the case in a rising rate of interest environment, where it's impossible to refinance at a lower rate than your present home mortgage. will need you to get a new loan with a different structure, amortization schedule and interest rate.