Would it be better to continue to pay on our

[Steph T]

Equity Line of Credit & our Mortgage or to refinance for 1 loan? Our interest rate on Mortgage is 5.87%, but we have a variable rate currently at 7.5% on the Equity Line. Now that we have exhausted the Equity Line we are having trouble carrying both payments. Will the payment be lower if we combine the loans and refinance?

[CupCake]

I was in the same predicament and decided to refi in order to have one payment. the HELOC is a monster with the interest compounding and no matter what I did, the principal kept getting bigger and bigger... I am so glad I refi'd in order to get the debt under control. I highly encourage you to look into it. You might not get such a great rate like 5.87 but I got 6%.

Good Luck!

[Still reading]

This all depends on the interest rate you can find. However, the way I read your question, you may hve been using the equity line to make your normal mortgage payments. If that's the case, there is no possibility that you can get a combined loan with affordable payments. If you've been able to carry the mortgage without the help of the equity line, then it's worth exploring.