Hello fellows…
I have Planned to refinance my home equity loan from 8.5% to a lower rate. It currently has a balance of $9.5K.
I have also started the process of refinancing my home mortgage from 6.8 to around 5 something hopefully. It has a balance of $54k with 10 years to go on the current loan. I was originally thinking of just refinancing the mortgage with a 10 year payment period without taking out any additional moneys.
Should I refinance my mortgage, taking out enough to also pay off my home equity loan as well?