Hi susieglaze
As far as I know, if you go for mortgage refinancing, the new loan amount should not exceed the outstanding loan amount on the property. But if you go for a cash out refinancing, you can borrow more than the outstanding loan amount. However, you should never go for mortgage refinancing if the value of the property has gone down.
As far as I know, if you go for mortgage refinancing, the new loan amount should not exceed the outstanding loan amount on the property. But if you go for a cash out refinancing, you can borrow more than the outstanding loan amount. However, you should never go for mortgage refinancing if the value of the property has gone down.
Hi,
It is better if you could consult a mortgage broker who will be able to tell you about the details.
It is better if you could consult a mortgage broker who will be able to tell you about the details.