It is not unusual. I even thought about one a while back when we held a self-amortizing mortgage at 10.3% INTEREST(Yes!!! - huge burden) in which for the first 10 years the co-op could not be refinance. OUCH!!! VERY PAINFUL! Therefore, since we lacked money to do bladly needed capital investment, and the intersts rates had come down by our 5th year of that burdensome penalty, I thought that a second mortgage with continguous expiry would have been a solution to our needs then. The second mortgage was going to be done through the same bank that held the first self-amortizing mortgage.

Again, you may think WHAT a bad thinking? Well, at the time there were no lines of credit being given; so, it was out of the question. Also, the capital improvements if they would have been done then, I'm sure would have saved a bit of money. There are times in which capital improvements are like CANCER. If you do not catch them in time, the costs will be 3X greater.

However, you should weigh your alternatives quite carefully.

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