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Can I refinance my HELOC into a first mortgage to lock into a better rate?

My first is paid off, my homes value is $172k,but I have a HELOC, $40k @ fixed rate of 6.90%  and $49k @ variable rate of 2.74%. I plan on staying in my home for at least 10 years and would like to know if it would make sense to refinance into a mortgage or if it is even possible?  
  • May 19 2012 - US
  • 0Yes

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Answers (1)

Profile picture for Ray Stevens
The numbers you share equal a loan to value (LTV) of 51.7%.  It is possible to refinance these two loans into one.  Whether it makes sense to you is a personal decision that may go beyond just number crunching.  Most people want to get away from variable rate mortgages. 
If you plan on staying in the home for less than 10 years, you will want a 30 year fixed that keeps your payments low. 
  • May 20 2012
  • 0Yes

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