You can refinance HELOC and your original mortgage into a new first mortgage instead of simply refinancing your HELOC.<\/p>\n

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You can avail the lowest interest rates. As the first mortgage rates usually are lower than home equity loan rates because when you default on your payments, the first mortgage lender has rights on the proceeds from selling your home. <\/p>

The rates for 30-year and 15-year fixed first mortgages could be 3.57% and 3.03%, but the rates for HELOCs and home equity loans are close to  4% and 5%. <\/p>\n

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So if you refinance with a fixed-rate first mortgage, you\u2019ll benefit from the equal monthly payments and knowing your total borrowing costs upfront.<\/p>\n

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The disadvantage of it is, taking out the first mortgage would mean paying a higher closing cost than when you refinance HELOC or a home equity loan.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t