Refinancing an Adjustable rate Heloc

[Robert Dunbar]

Hey Bp,

I have an adjustable rate heloc that started out with a super low interest rate when we first got it. It’s now up to 9%. Is it possible to refinance it with a fixed rate loan of some sort? One with a lower rate of course.

The loan itself is an interest only payment required as the minimum payment. The borrowed amount is $70k. We could use it for 10 years and then would have to pay it back in the next 10 once that expires. We still owe about $57k on it. We planned to have it paid off in a year and a half. With that being said even if we were able to find an attractive refinance opportunity, would it even be worth it when factoring in all the fees associated with converting it?

Thanks,

Roberto