We owe on our 1st mortgage is $52,000 at 6.25%, and our HELOC is $105,000 at 8.19%. Fixed. The estimated value of the house is between $110,000. to $150,000. I would like to combine and lower my interest rate, but if that is not possible, how can I lower my HELOC. I would at least like to lower my $730.00 interest on the HELOC. What are my options if any? Thanks!
You will need to pay off a chunk of the HELOC to be able to refinance. Assuming that the appraisal comes in at $110K, you will probably only be approved for $36K (110K x 80% – 52K). If you cannot afford to do this, I would suggest that you just pay down your HELOC as fast as you can.
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