if your middle credit scores are 740 or higher it could make sense to refinance.
depends a little on the rate of the second mortgage. that rate is proabbaly low now, but, if and when inflation kicks i that rate could go to 8% or higher, so, to refinance now to have one mortgage at a low rate makes sense, especially if you plan to live in the house five years or longer.
you may be better off just paying as much extra monthly as you can on the equity line while its rate is low so that when rates rise the balance will be much smaller.
you should do one of those two things.
depends a little on the rate of the second mortgage. that rate is proabbaly low now, but, if and when inflation kicks i that rate could go to 8% or higher, so, to refinance now to have one mortgage at a low rate makes sense, especially if you plan to live in the house five years or longer.
you may be better off just paying as much extra monthly as you can on the equity line while its rate is low so that when rates rise the balance will be much smaller.
you should do one of those two things.
it is a good idea to go for refinanace with the objective of mortgage consolidation. your interest rate will also go down.
