Last updated on January 1st, 2025 at 09:36 pm

You have a HELOC or variable second mortgage and you want to know if you should refinance it now. HELOCs are not what they used to be. They are no longer tax deductible for the average homeowner to start. When I created this podcast, interest rates were low and so was inflation. The information contained provides a good insight into how HELOC or second mortgage loans work.

There are other solutions for obtaining cash if you are having financial troubles.

As of this writing, interest rates for first mortgages are in the higher 6 percent range which pushes the HELOC and second mortgage rates higher. It’s now more acceptable to obtain a HELOC rather than refinance from that low-interest-rate mortgage.

Check out some of our blog articles on financing your house. And the one about what happens when you finish paying off your house

Listen to our podcast below to obtain a good understanding of second mortgages.

Try out this calculator which compares the cost of a HELOC to refinancing your first mortgage