@jyeh74 wrote:
OK, so the original loan was taken out in 2014 for right under $1m. It was refied multiple times, recently in 2019 and 2020. The outstanding balance has gone down. So in 2014, my limit was up to $1m, but now that I refinanced in 2019 and 2020, am I still at the $1m limit or does the refinance cause me to be at the $750k limit?
If you did not take out more than you owed your limit is $1M.
However, you can only take that limit (rather than $750k) for the length of the original mortgage. [For example if the original mortgage were for 10 years, i.e. ended in 2024, then you could not use the $1M limit in 2025.]
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