A RESPONSE FROM A READER: In your answer to the question about using the home equity line to pay off the balance of the person’s mortgage, I have something to add. You were very right about the dangers of a ...Read More »
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I have about $40,000 left on my 15-year fixed mortgage at 4 percent interest. I owe about $13,000 on a home equity line that is 2.99 percent variable rate. I have a $100,000 equity line open. I have no other debt. I am considering paying off my remaining mortgage with the lower-interest home equity line. Do you think that is a good idea since I am giving up a fixed rate for a variable rate?
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