If i level my house to have a new one built do i refinance the mortgage into the loan i will have for new home

Gertie
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 destroy the other one that you borrowed money for...hmmmmm...I don't think they'll go for that. But, it wouldn't hurt to call and ask--do you have enough cash in the bank to cover your current loan and the cost of constructing a new home? Perhaps your land is worth what your mortgage is.What's to stop you from leveling your house and then changing your mind and walking away from your land and mortgage. Nothing. Then the bank would have made a very bad investment and lost their shirts.Call your bank and ask them how you should proceed.

Donette
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Danilo
No you don't refinance you old loan in your new house. This will be completely new loan.

Cleveland
Read your loan note conditions. I doubt that what you propose is permitted. You existing house is what, in large part, secures your loan.

Harold
Ask your mortgage lender because I'm pretty sure they would like to know your plans for their loan backing asset.