NewVillager wrote:
What about not consolidating your LOC with the mortgage, but getting a secured LOC instead? or is your LOC already secured by your mortgage (the rate seems pretty great for the LOC).
The problem with just getting one secured LOC is that the rate is significantly higher. Prime +0.50% is the going rate right now for HELOCs. You are much better off either splitting the mortgage between fixed and HELOC where your fixed portion would be as low as 2.84% and your HELOC portion at prime + 0.50% (3.50%).
If you don't need the flexibility of a HELOC and you don't want a collateral mortgage, then you could refinance to a 5 year fixed mortgage only for as low as 2.64% right now.
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