Correction to the above post: Depending on your lender, they may allow you to port your existing mortgage and do an increase, but with a brand new amortization on the whole amount, without penalty. So in your scenario DoubleK, you could do the full 650k on a 30-year amortization for example (if >20%), but keep your existing rate on the original 500k.
Again, it depends on the lender. I can look into it for whomever your lender is if it's a real scenario.
Last edited by MillerTime GFG; 01-03-2018 at 04:16 PM.
Reason: English is hard today.
|