Refinance and then build new

That's a tough one.. if you looking for a mortgage to build a home on a lot that already has a home on it would be tough unless your building an addition to the existing home.. if you're going to build a 2nd home on the same lot, then i think your loan quest will be challenging.. Talk to a local mortgage guy who specializes in construction loans.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

If I Understand this correctly you have one property and you want to build a second house on the same property. You would need to get a construction loan to build the new house. The Tough part is getting an appraisal on a property that is with two homes on it. It may be that you you would have to Subdivide the property. Take the part of property with the current 1st and second lien. Execute a Texas Cashout (A6) which can be no more than 80% of the Appraised Value. Then you can get a new 1st/Construction on the empty part of the property and build your home. I would need more information about what you are trying to do regarding the configuration of the property. 936-228-1944