Here'e my dilemma. We have 4 years left on our existing mortgage @ 7.5% I don't want to refinance but I want to take advantage of the low rates to do some home improvements. I can get a home equity line of credit at 1/2 over the prime rate but it's not fixed. I figured that I would pay off the old mortgage with the line of credit and still make the same payments each month that I make now, only to the new bank. I guess I would be gambling that the prime rate won't go higher than 7% over the next 4 years? Is that crazy?
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