Thread: 1st Mortgage or HELOC - Paydown
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Old 10-22-2009, 11:56 AM
burnesj burnesj is offline
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Default 1st Mortgage or HELOC - Paydown
Looking for some sound advice

First mortgage is 350K 6.25% fixed, 30 years. HELOC is 37K at 4.5% adjustable.

We are paying $400 monthly over the statement amount for the HELOC, and adding about $200 more a month on the 1st mortgage.

Question: Should I redirect that $200 towards the HELOC to help pay it down faster or should I continue chipping away as I am doing on both? My thought is that in the near future that HELOC will start creeping or jumping back up...
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