Refi this mortgage or just sit tight? (payment, taxes, rates)

[AlDente67]

This is a bit complicated, so let me try to explain...

I have a 1st mortgage - original term 15 years at 4% fixed. Tax is escrowed, but not insurance (which we are fine with). Original balance was $165+, not paid down to $133k and change. 11 years remaining.

HELOC at 3.25%, $50k total credit line, with 40k used currently (car, home improvement, misc). There is no repayment schedule, but minimum is about $250 per month.

Have a bank offering 3.375 for a 10 year fixed to wrap in the 1st and the Heloc (roughly 175k), which means the total monthly payment will be about $2600 (our taxes are close to 10k).

Do you think this is a wise move or let it ride?

[Qwerty]

Assuming you are actually paying down your HELOC (which you are not), the two current loans together will cost you $282,927, the refi they are offering will cost you 215,869. Your current loan will actually be more since you are not paying down the loan, just making interest payments so your savings will be at least $67,058 assuming you stay there for 10 years.

[frankrj]

Lower fixed rates and lower term. Seems easy to figure out. It is worht a refinance to "me" if you can handle the payments. Are you sure it is not a 10 year Fixed ARM with a 30 year amortization which converts to a true ARM after 10 years for the remaining 20 years?