Real Estate and Home Mortgages - refinancing my heloc

Hi,

I have a 27K heloc that went from 4% to 8.5% over the last 13 years. Interest rates have stabilized but if there is a better option for me I'll take it.

If someone has a better idea for refinancing it, I'd appreciate your input.

My credit is immaculate, no other financial issues, no problem paying this either, property is worth about 550K,

Just don't want to pass on any opportunity to pay less interest.

Thanks for checking on this,

Jeff

Look for a Home equity loan. get one that has a fixed rate and a term of 10 years or shorter. The interest rate will be much lower.

I'm making $800 payments on the HELOC, should be paid off in about 3 years.

I can get a 5.99% fixed HEL from penfed.

If I continued with the $800 payment on the fixed HEL would there be a significant savings after any fee's? If one also factors in that over the next 3 years the interest on the HELOC should come down as well.

Would I come out ahead or kind of balance out?

:)

If you could get this put onto a short term INSTALLMENT loan, that would be good. The rate isn't your big issue so much as this being revolving interest. The interest rate drop you mention isn't very significant due to being such a small loan amount.
If you plan to be done in 3 years anyway, there might not be enough savings to warrant doing anything unless there are no costs involved in the new loan (not just rolled into the loan, but LITERALLY no costs). I don't think it would be worth doing this just to go to another loan with revolving interest. Installment, possibly. Just do the math and find out just what you have left to pay on this thing as it is, vs. the total payments on a short term installment loan. Right now you probably aren't getting much of an income tax write off either, due to the small size of the loan, so I'd just shop for the short term installment loan.

Here's what I'm going to do for now:

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"I don't think it would be worth doing this just to go to another loan with revolving interest." - FAMILY GUY

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Ok ...... thanks, that led me to this decision ---->

I can increase my payments to $1050/month and pay it off in 2 years instead of three......and then I'm free again, can then use the heloc if I want, or not, the total interest will be even less as if I had refinanced at a great rate [which doesn't exist], no fee's, no hassle ........

IF I was making much smaller payments, lets say in $500 range, than I would have to make a move, ,

I hadn't really thought of making larger payments; when I used the loan calculators to check on the interest, increasing the payments changed the whole ballgame for me.

I think this will work out ok .....

Thanks again,
:)