Yes. Most lenders will allow you to refinance your mortgage in the middle of your term. However, you will likely need to maintain your existing interest rate on the funds you already owe to avoid paying a penalty. Any new money added to the mortgage will be subject to current interest rates. Your lender will likely add the new funds to your existing mortgage and blend the new mortgage rate with the old. You’ll continue to have a single mortgage payment, but the payment amount will likely change to account for the additional funds you’ve borrowed.