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The answer to this depends somewhat on your risk tolerance. Your HELOC may be at 2.25% now, but is likely to rise substantially if the prime rate rises over the next few years. In addition, many HELOCs have an interest only payment period that eventually expires, meaning a greatly increased payment. Another factor is the potential to draw on the second (if it’s still open) in the event you have a cash flow issue, versus paying down the 1st with no possibility of recouping any additional payments without refinancing your 1st.
Both 7 yrs left on loans
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