Reply to Feeling nervous about HELOC loan amount

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Reply to "Feeling nervous about HELOC loan amount - Advice?"

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[quote=Anonymous]Would appreciate any advice folks have on our mortgage situation.  We bought a house in June in North Arlington and the purchase price ($900k) was a bit of a reach for us, made easier by the great interest rate.  We took on a 1st trust, 30 year P & I loan at 3.5% for $625k.  We then did a 10-year HELOC for $140k which is currently at prime (i.e., 3.5%) but with a variable rate.  I am worried that the Fed will raise interest rates, causing the HELOC rate to increase.  Would it be better to try and get a jumbo loan for the total loan amount (i.e., $765k) at current rates (which I'm guessing are around 4.3-4.5%) to ensure that we have a fixed rate on the total loan amount?  Or, could we try and get a normal 2nd trust with a fixed rate, albeit higher than the 3.5% HELOC variable rate?  Any other ideas?  If at all relevant, we did some work on the house which we believe makes the house worth around $975k (Zillow estimate $1M but I think that's questionable).  Thanks!! [/quote]

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