Construction loan for Primary Home

[John Welling]

Our primary home in Southern Oregon is worth about $930k, with $495k left on the mortgage, financed at 2.6%, 15 yr fixed. 2200sq ft, 6acres, dream property. We want to stay on the property. We have a big family and want to do a big addition / remodel that would take it to around 3800 sq ft. We’ve been quoted about $850k for the project. We have $300k to put down, so would only need about $550k for the project. Our local credit union is willing to do a construction loan for us, but only if we refinance the current mortgage as well - they aren’t willing to take 2nd position behind our original mortgage. Obviously, we don’t want to give up our 2.6% rate. Are there lenders out there who would fund this construction project without making us refinance the original mortgage? Any recommendations? We are new to this, so any help would be greatly appreciated. Thank you!