Refinance? Or just keep it the way it is?

[Richard Hadley]

Ok, so I currently have 2 separate properties that only have a balance of $18000. Each but they value at roughly $160000. Each

What I was thinking of doing was to get a 20 year mortgage from a different lender for $80000. To mortgage "refinance " just one of them. Out of that $80000. I would pay off both mortgages and also a $40000. Heloc on my personal property which I used as a down payment on an entirely separate property.

My current payments on these 3 loans are $395. For the first $18000, loan @ 4.5 intrest

$395.for the second $18000. Loan @ 4.5 intrest

And $689. On the Heloc $40000. Loan @ 8.75 intrest

Total monthly payment on all 3 is $1479.

My thoughts are even with these high interest rates, I would be better off borrowing some of the equity I have in just one property and get my other 2 notes freed up and my monthly payments would only be $680. Per month on a single $80000. Loan.

Am I missing something or does this sound like a good plan moving forward