Seeking Advice on HELOC Dilemma

[Kwok Wong]

Hello BP community, 

I am reaching out for advice on a financial decision I made that I am now realizing was a mistake. I used a HELOC on my primary residence to purchase a long term rental investment property. Subsequently, I took out another HELOC on the rental property itself and it has not been used.

Now, I understand that HELOC should be used for short term financing purpose and I am concerned that I may have made a misstep. 

What are my options for correcting this situation? Should I consider refinancing one or both properties? Are there any other strategies I could explore?

I am currently house hacking the primary residence with an interest rate of 3.75%. The rental property is entirely funded by the HELOC with interest rate of 3.6% (10 year withdrawal, 20 year repayment) and no mortgage on it. 

Thank you in advance for any input.