Our home mortgage and car are paid off and we have no other debts except $60,000 on a home equity line of credit ($75,000) at a variable rate. Can we refinance the loan to fixed or do a second mortgage to lock in a fixed rate?
Start by finding out if your lender can modify the loan contract to fix the rate without having to do a full-blown refinancing. If that's not possible, go ahead and shop around for the best refinancing deal you can find. Your current lender may or may not be the least expensive. Consider not only the rate you'll get, but also the up-front fees you'll have to pay. Locking in your rate at this low point in the rate cycle should be a good choice for you.
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Start by finding out if your lender can modify the loan contract to fix the rate without having to do a full-blown refinancing. If that's not possible, go ahead and shop around for the best refinancing deal you can find. Your current lender may or may not be the least expensive. Consider not only the rate you'll get, but also the up-front 