Should I consolidate a HELOC loan and 1st mortgage?
My house is valued at about $ 550k. I have a mortage of $ 172k at 5.85%. I have a HELOC balance of $ 27k at 7.5% (and rising). It will be almost impossible to pay off the HELOC anytime soon. Does it make any sense to combine the two and refinance my house at 6.5% with closing costs of $ 7k? Money is tight, this will save me about $ 400/month.