If I height my house to enjoy a trial one built,do I refinance the mortgage into the loan I will hold for investigational home
Answers:
Ask your mortgage lender because I'm pretty sure they would like to know your plans for their loan backing asset.
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So, you're going to destroy the security on your current loan but you PROMISE you're going to build a better home as soon as you verbs the other one that you borrowed money for.....hmmmmm....I don't think they'll go for that. But, it wouldn't hurt to appointment and ask--do you have enough bread in the bank to cover your current loan and the cost of constructing a foreign home? Perhaps your land is worth what your mortgage is.
What's to stop you from leveling your house and then varying your mind and walking away from your land and mortgage. Nothing. Then the bank would enjoy made a very bad investment and lost their shirts.
Call your mound and ask them how you should proceed.
Read your loan note conditions. I doubt that what you propose is permitted. You existing house is what, within large part, secure your loan.
No you don't refinance you old loan in your contemporary house. This will be completely new loan. Source(s): http://www.planorealestateadvisor.com
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