text: how can i get a new mortgage when the house has one already? want to get a new mortgage big enough to pay the first mortgage of $46,000.00 off, do repairs and debt consolidate my bills. i need to get a new mortgage of about $125,000.00, but my house is only accest at $38,000.00. help are is there any help for me. you will only be able to borrow up to 125% of the value of your home.  typically that is a bad idea incase you have to move and end up having to pay money to sell your own house.  good luck