Rolling HELOC into Refinance?

[dazzleman]

I wouldn't roll credit card debt into a mortgage that is secured by your home. I think you need to be careful about risking the roof over your head. People did this far too thoughtlessly during the bubble.

I see nothing wrong with rolling the HELOC into a new mortgage, since that will lock in a low rate for you.

[trying to learn]

At present time we have a mortgage with a fixed 30 year rate of 3.7. We recently purchased a vacation rental property and last minute the loan for it was denied, (not due to us) so we pulled a HELOC loan for the balance of the vacation property and it was with a 10 year balloon. We decide to roll that HELOC loan into our mortgage, at a rate 4.875, increasing our payments.
Is it a wise move to loose the 3.7rate on our current mortgage and roll them together for a 4.875 mortgage? The balance on our HELOC is at 5.25 interest with a 10 year balloon.

[trying to learn]

Great! Thank you for the advice, its hard to know what is best to do. We do have some credit card debt and since a HELOC will remain open behind our mortgage is it wise to use some of it to pay down our cards so we can write the interest off? or best just to make a plan to pay down the cards ourselves with our earnings.