We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Should I take out a new loan to pay off my HELOC?
djmn
Posts: 1 Newbie
I bought a new house a couple years ago. To avoid paying PMI I took out a large 30 year fixed mortgage and a smaller second one ($20k). The second "mortgage" is technically a Home Equity line of Credit that has a variable rate. Now the rate is rather high (10.5%) and I'm wondering if I should somehow refinance this with a fixed rate (if there is such a thing for HELOC?) or pay it off with another fixed lower interest loan?
What do you think?
What do you think?
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.6K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.5K Spending & Discounts
- 247.4K Work, Benefits & Business
- 604.3K Mortgages, Homes & Bills
- 178.5K Life & Family
- 261.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards