Thank you for the information. Based on that, I would say from the looks of it, you would feel safer in a Fixed mortgage, ra. You may also entertain an Interest Only Option? You have plenty of Equity. Otherwise, you can pay Principal & Interest on the Fixed product. You probably decided that a 30 year amortization is better for your situation that a 10 or 15 year fixed. But, consider, maybe, a 10 year Interest Only?? The rates vary amoung them significantly. Sounds like you should have no issues with qualifying. I would love the opportunity to compete for the business. I lend in all States. I have a low over-head and pass the savings to the Consumer. Name is Rich. You can click my link or email rconstantine@myhsoa.com or 714-299-5807. I can get you a quote very fast. Hope this helps. RC

You can do a refinance home equity loan for 30 years then you will get the money that you need as well. This way you don't have to pay so much rather than going 10 years or 15 years since you know for a fact that you are selling the property in few years from now. I do not recommend other programs at this time because if you are planning to be in the home for another 8-10 years. This way you get both way refi to a lower rates because rates now can start from 4.75%-5.5% which is still lower than what you have now plus you get the cash that you need too.My name is Ana Vichaidist and I am the senior loan officer for First USA Home Loans. Please contact me for a free consultation with no obligation at 1-877-472-9887 or email at avichaidist@firstusahomeloans.com

Even though your rate is high, you have a low balance with just 7-years to go. ... I suggest leaving it alone. ... You can get a fixed rate home equity loan if you are concerned about a HELOC. ... I suggest U.S. Bank. ... They appear to have the best product for your situation. You could compare them against Wells Fargo to be sure. ... Happy funding, Rudi

You seem to be conservative. I would recommend refinancing your first mortgage. You will then be able to select a loan terms that suits you needs 15 yr , 20 yr , 25 yr or a 30 year payment. Select a payment that is comfortable to you. Yes ARM rates are low and Heloc's are ARMS as well.With the rates being low today you know that they will come up again in the future. YOu are old enough to remember back in the 80's when Jimmie Carter was in office and mortgage rates where in the 15 to 18 percent range.If you want to sleep comfortably at night do what you have always done go with the fixed rate. Loan will not have a prepayment penalty and you can get a payment that you are comfortable with.

I would do a no closing cost refinance , this would lower your rate from 6.25 % to somewhere in the mid 5 % range for free , no closing costs , get the cash to buy the lot in Florida and the security if a fixed rate.