Increasing Mortgage

[Caesar Corinthos]

Hello,

I closed on a mortgage about 6 months ago.  My property was appraised at 700k and my mortgage is for 350k.  An opportunity has come up and I need an additional 40k.  I have heard it is possible to have the mortgage increased but really need some guidance on how this can be done.  I've mentioned it to my current lender (a Savings Bank) and they said I would have to refi the loan.  But I've read online that this is not the case and banks can and have done these types of increases without a refi.

Any tips or suggestions on how I should go at the bank if this is even an option?

Thank you.