Feasible to combine 1st mortgage ( 30 year ) with Equity line into a 15 year fixed or less?
I have a 1st mortgage of $ 125K. I have an equity line ran up to $ 50K. First is on a fixed 6.75% 30 year. Equity line is on a variable rate can’t recall what it is at the moment. We want to combine the two loans into one 15 year loan. Is this feasible or reasonable to do? I saw at bankrate.com that one lender was giving 15 year fixed at 4.5%. Can you get a 10 year fixed? Or even a 5 year fixed? I “might” consider the 10 but didn’t find any rate quotes on a 10 year fixed and not sure if the rate is much better than the 15 year fixed. Can someone tell me the best route to go with this? I’m not too knowledgeable about refinancing and am trying to learn what I should look out for yada, yada, yada. All help greatly appreciated!! thanks, Ken