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Will move in 5 years, best to pay off home equity loan of $15k, or combine with home loan and refinance?

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Right now my home equity loan is at 7.4%, and my home loan is at 5.35%
I am leaning towards paying off my home equity loan, but should i combine my two loans and refinance instead?

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    Judy
    Posted 3 months ago

    Rule of thumb from money magazine

    Only re-fi if you know you will be living in the home for at least 5 to 7 years and
    if you can get more than 1.93% lower interest rate.

    Remember: Closing costs are a monster.
    /

      Darby
      Posted 3 months ago

      Keep your cash. I’d apply for a new mortgage and tell them you want to pay off your home equity loan with the new mortgage. Depending on your credit rating and your other outstanding debts like credit cards I’d think you could do much better than 5.35 on a mortgage loan. Right now my home equity line is below 3 percent–it’s crazy.

        william
        Posted 3 months ago

        Would definatly combine both loans and refinance. Mortgage rates at all time low. Also the write-offs would be good on tax returns.

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