Close at low interest rate-then reamoratize?????

[Ed Thomas]

I'm hoping someone can help me here.

We just built a home but we have not yet sold our current home. If we close the new loan now, we can get a low interest rate because it was locked in when the construction started last year. But, our old home has not yet sold and we have over $50K in equity which we would like to get out and put towards pricipal on our new loan. Our loan officer is telling us if we wait, are locked in loan will expire and we will likely have a much higher interest rate due to the changes in the market. He says that we can go ahead and close now with a low interest rate, and then simply reamoratize when we sell our old home to reduce the payments for a fee ranging from $300 to about $1200. This, I think, would be a good option for us. I just want to know if anyone has seen this before and if it's actually a viable option. Your advise is much appreciated.

Thanks :D