You'll also keep the original interest rate on your home loan. Before modifying your home mortgage, remember to talk to your tax preparer or Certified Public Accountant to figure out the tax impact. Here's when you ought to consider modifying your home loan. Using this windfall to your home mortgage helps lower your monthly payments, which allows you to keep more cash in your pocket each month.This might be due to a change to your income, possessions or credit profile that avoids you from certifying for a new loan. This can likewise hold true in a rising interest rate environment, where it's difficult to re-finance at a lower rate than your current home loan. will require you to use for a brand-new loan with a various structure, amortization schedule and rates of interest.