I have a HELOC with my local bank. The draw period is 10 years and the term is 15 years. I still have balance that equals 95% of the line of credit. I only have about 3 years left on the draw period and 8 years on the term. I am thinking of rolling my 1st mortgage 15 years left and HELOC into one new 15 year Home Equity loan. Does this make sense?
My concern is rate increases on the HELOC. The down side is I am extending out the HELOC another 7 years.