[USER]

Is anyone familiar with how to refinance a HELOC, if that is at all possible? We have a $215k HELOC at 9.99% and really want to get that rate down.

Is it possible to refinance this down to a lower rate, or should we just focus on paying it down agressively?

We don’t want to touch our 1st mortgage (499k at 2.5%). We took out a HELOC before we learned about FI

Thank you for your help!

[Rick]

Assuming you have a first mortgage, the heloc is simply a second mortgage which can be paid off by a new second mortgage heloc.

[Gerwyn]

Heloc rates supposed to readjust depending on the changes in federal funds rate. It goes up and down like a mortgage rate.

Either you paid it down or just hope for the rates to come down but that is less likely to be sooner.

[Danny]

Yes, you just apply for a new loan. Many HELOCS have promo rates for a year or 6 months. You’re not going to get much lower overall.

Maybe Prime +0.

A fixed 2nd mortgage may have lower rate.

[Damon]

Does the bank that issued the HELOC care where the money for repayment comes?

[Author]

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