what can i do with home equity line?

We can do a refinance to consolidate your 1st mortgage and the HELOC into one loan. Interest rates now are quite a bit lower than they were in 2005, so we may even be able to lower your combined monthly payment. Please call me at your earliest convenience so we can discuss your possible options. Thank You, Bob 503-951-3874

You can try to combine it with your existing mortgage but the new loan generally cannot be more than 85% of the current value of your home. If that isn't possible, you can try to get a new HELOC from another lender (try credit union's and smaller community banks especially), most will not go over 90-95% of the current value of the home including what you currently owe. Another option may be to take a loan from your 401k to pay it off. Good luck!

Typically HELOC's become a 20 year amortized loan once the withdrawal period is over.. so your payment will go up, but it's not all due at once, so it's probably not as bad as you think.. When it comes to refinancing, you can always do a cash out refi and pay off the 2nd, but you need sufficient equity to do this.. try contacting a local mortgage broker and let him look at your complete loan profile.. once he has all the necessary info, he can put together some solid numbers for comparison.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

There are 10 year arms available but the 10 year ARM is very similar in pricing to a 30 year fixed.. your better off taking the 7/1 ARM and if the rate jumps up in the 8th year, you're still better off since you benefited from the lower rate for the past 7 years.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com