[getoutofdebt]

Thanks so much for the advice. So I have paid off for the car loan and bought the new vehicle cash. I went to seek "professional" advice from my bank's financial advisor. Their recommendation is that they can consolidate my 1st and second mortgage into another mortgage with 6.125% fixed interest and another 30 year term.

Is this really a good idea? I've been paying the first mortgage and home equity loan since I've had the house for 4 years and the first mortgage has already a fixed rate of 6.375%. Why would they recommend refinancing instead of just paying off the home equity loan? I feel like I'm getting the run around because I've already paid 4 years worth of interest on the 1st mortgage to get into another one for the same term and not much saving in the interest rate?