I have $200K balance on my home equity line of credit of my primary
residence. I own the house outright and the current market value for
the house is about $400K. Is it a right approach to refinace the HELOC
into a 30-year mortgage to take advantage of the low fixed interest
rate. I'm also wondering if I can still keep the HELOC after I
refinance. Will the lender require me to close the heloc account first
so that the loan-to-value ratio is under 80%?
- posted 10 years ago