Refi redux

HELOCs are floating rate, which is cheap now, or high fixed rate. Primary mortgages are the only way to borrow long term fixed rate money at government subsidized rates. If inflation and interest rates soar, you would be glad you took full advantage of a low fixed rate. With more HELOC, you run the risk that rates rise. Plus, in a worse case scenario--in a prolonged housing crash--correct me if I am wrong--you run a greater risk of being personally sued for an unpaid balance on a HELOC vs. a deficiency claim on a traditional mortgage (because that mortgage may be guaranteed by a government agency).