Should I get a Home Equity Line of Credit to payoff mortgage?

[Eric Chiu]

Hello BP members!

Here is a break down of the properties that I own and how much I have left on the mortgage:

Primary Resident

250k 3.375% 30yr fixed

Investment Property

50k 4.25% 15yr fixed

110k 4.375% 30yr fixed

My questions is, should I get a home equity line of credit to pay off both investment properties? The best rate I got on the line is 200k @ Prim Rate - 0.15%.  I'm planning to pay off the line in about 10 yrs, is it risky to have the payoff in that long period of time? 

One think I need to mention is my accountant advised me to consider this option because my income when over certain amount and I can deduct the interest on the line from my personal tax. I hope I can get a 2nd opinion in this if this is a wise choice to make. 

Thanks in advance.

[Brent Coombs]

@Eric Chiu, ignoring your current investment properties for now, I see that if you were to take out a 75% HELOC on your primary, you could have more than $250k cash to play with. $250k+!

How disciplined are you?

Here's a thought: did you know that your objective should be to pay even MORE tax?

ie. because, you've made even MORE profit than the extra tax - with other peoples' money!

I repeat: how disciplined are you? How WOULD you wisely invest a bonus $250-275k?...