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Updated 15 days ago, 12/15/2024
Keep current low interest rate with a new mortgage
Hello,
I want to buy my family home. It would be a direct sale with no brokers involved. The current mortgage interest rate is half of what I was quoted. Is there a way I can take on the current mortgage payments (at the low rate) and get a new mortgage to make up the difference between the existing mortgage and the current value?
For example:
existing mortgage: $50k
current rate: 3%
home value: $200k
new mortgage rate: 6%
Can I take over the $50k at 3%, then get a new mortgage for the remaining $150k at 6%?