Refinance more than what I currently owe? : RealEstate


So I’m currently financing my Owner Occupied home valued at $425,000 by the county. My scheduled balance is $301,000 at 3.51 variable percent. My current balance is $296,000. At this point I’m going to refinance at 2.99% fixed for 3 years.

2 questions

  1. Y or N: Can I borrow 5k more than what I owe. Reason being is my daughter and I currently live in Australia, but we’re orignally from the U.S. I’d like to pay for a trip for her to see my side of the family and see the U.S. before it’s blowed up by Iran.

  2. True or False: A fixed rate mortgage will shield me from interest rates rising from a recession.

At this point I think a global recession is imminent and I’d like to be financially prepared and be succumbed by something similar in 2008.

Cheers



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