quick question. Interest rates have dropped since I have taken out some of the mortgages on my properties.
I want to refinance to take advantage of the lower interest rates, however do not want to mortgage any accumulated equity.
Ie a property is valued at $700,000 and the debt on it is $400,000, how do I ensure that no mortgage is taken over the $300,000 equity in that property?
Only the existing $400,000 debt on it.
I don't want equity to be refinanced unless it's for the purpose of another purchase.
I want to refinance to take advantage of the lower interest rates, however do not want to mortgage any accumulated equity.
Ie a property is valued at $700,000 and the debt on it is $400,000, how do I ensure that no mortgage is taken over the $300,000 equity in that property?
Only the existing $400,000 debt on it.
I don't want equity to be refinanced unless it's for the purpose of another purchase.