A good time to refi OR wait?

[Armand P.]

Hello BP,

Shortly after the shutdown in March I decided to get a HELOC. I'm 8 years into my mortgage at 3.62% for 30 yr fixed. I recently spoke to a mortgage broker who advised to do a cash-out refi and close out the HELOC since its a variable rate interest only. This way I would have a set payment per month and have cash on hand.

Would this be a good time to consider a refi OR leave it as is since I'm already 8 years into my ownership? She said that the rates now are around 3% which would save me about $250 per month with HELOC.

Any thoughts?

Thank you,

Armand