The primary objective of a mortgage refinance is to reduce your rate of interest — and your monthly funds. This approach could make sense if you can get a greater rate of interest than you may have now, nevertheless it probably wouldn’t work if you have already got a low interest rate. It can be dangerous if your house worth drops, leaving you with a loan that exceeds the value of your house . Most HELOCs include variable interest rates, however some lenders give you the choice of locking in a fixed price during your draw period. Some other elements…