Refinance advice with a Heloc

[Robert Mayens]

Hello looking for some advice. 

I currently own a Beach condo with 3% apr attached to a second unpredictable variable Heloc loan. 

Should I refinance to combine both loans into a higher fixed apr 3.6% while taking out extra capital for a down payment on another property ?

Another lender is willing to refinance just the Heloc + the line of credit at 4.75 fixed apr.  

There is a tenant in the beach condo helping with the mortgage. 

Does this sound nuts or is this how the game is played ? 

[Jason Wray]

@Zack Berridge

Zack you do not have to lay low just be prepared for rates that are in the 5's and 6's on Non traditional.  Traditiona full doc are up and going up so the 3's are gone and high 4's may come with a buy down.  Just my opinion but I think the Fed is pushing rate hikes to slow down some of the high volume purchasing going on accross the US.  Last (3) years during COVID home prices shot up do to artificial inflation similiar to when you corner the market in stocks.  Drive up a stock by excessive same day purchasing just to sell high.  Good old Dodd/Frank didnt see that coming!  So looks like the politicians dont really know what to do so of course raise rates!