Thanks for your question. Today's mortgage rates hit 3 month lows. This is good news for people like yourself who are looking to consolidate a fixed rate 1st mortgage and an adjustable rate home equity line of credit.
If you're planning on keeping the home it could be beneficial to look into consolidating these into a 20yr or 25yr fixed mortgage. This would allow you to fix the rate on the $12,000 you owe for the HELOC without setting you back the 5 years you already put into your current 1st mortgage.
Your ability to do this will depend on a number of factors including credit worthiness, fair market value of your property and current balance on your 1st mortgage.
I would suggest applying, and then comparing offers to see which lender meets your needs (lowest rate, lowest total cost, or lowest monthly payment).
Bills.com makes it easy to compare mortgage offers and different loan types. Please visit the loan page and find a loan that meets your needs.
I hope this information helps you Find. Learn. Save.
Best,
Bill
www.bills.com
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