[daphne m]

...refinance my mortgage to fix rate? I just use my home equity line of credit 2.5% to pay off my mortgage. Should I refinance to fix rate? I am afraid the rate will go up.

[selina.evans]

If you can fix the rate at this level and need the money, what are you waiting for?

[ezekiel]

Fixed rates are usually much, much higher than flexible. I'm not sure your HELOC is best spent on your mortgage, especially considering that you guys have the lovely MID thing going on. I'm assuming that your income bears your mortgage okay already. You are effectively mortgage cycling almost, you'll own your house but still have a net worth problem doing that. It's sort of an eggs in one basket technique. I'd be inclined to diversify a bit, but you should get a second opinion. It just seems rushing to effectively get rid of a tax write off (mortgage interest) when you may not need to, may not be the best thing at all.How low can you fix your rates? What will your income bear? Your rate increase tolerances? If we're only talking about a few thousand per year, is the headache even worth it to you? Lots of questions to consider.Oh that was presumptuous. The US lets you write off mortgage interest, Canadians have to do the fancy Smith Manoeuver to get the same effective thing going on.