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Need clarity on Line of Credit Account/Mortgage or Installment

cinemahillproductions
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cinemahillproductions

cinemahillproductions

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Greetings All,

 

I have a Line of credit on my house ($30,000) as a second mortgage @ 2.5%

I currently have a Mortgage (ARM) at 2.5% of $115,000 with increase of 1% due next Oct. $660 monthly

I have the opportunity to consolidate the mortgage up to $147,000 @ 3.6% for 30 year fixed. $675 monthly (unknown if taxes and insurance was included)

First, Should I do this, or leave along?

Secondly, if I consolidate, would the bank let me continue to keep the second mortgage (Line of credit)?

Lastly, would it be considered Mortgage debt or an Installment Loan (Line of credit that is)

 

What would you all do?

 


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