Refinance my mortgage and home equity loan?

asked by shawnj985 - 5 Answers

I have started the process of refinancing my home equity loan from 9% to a lower rate. It currently has a balance of $10K. 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. Question: Should I refinance my mortgage, taking out enough to also pay off my home equity loan as well? Thanks