Posted on: 16th Feb, 2010 08:58 am
I have 7 years and 70,000. left on a 15 year fixed mortgage at 4.75%
My equity line is for up to 125,000.00 at a variable (now 2.74%) Should I just pay off the mortgage and put it on the lower interest equity loan?
My equity line is for up to 125,000.00 at a variable (now 2.74%) Should I just pay off the mortgage and put it on the lower interest equity loan?
i don't think it's a bad thought to do that, frankly. rates ought to be staying down at a reasonable level for a while, and you could always figure out a new deal if they began to escalate in the next year or so. of course, in so doing, you'd want to be certain to be repaying a fair amount of the principal balance on the overall debt. i assume that's part of your plan anyway.