Is this a good rate for a refinance?

[Spiffy]

We bought our house in 2006. I think the interest rate was 6.5% for a 30 year mortgage. We refinanced in 2012 to a 15 year 4.37%. I have been paying extra just to get it paid off faster and because the rate isn't super low. We only owe $37,000 and I thought we wouldn't be able to refinance that amount and I was correct. But we can do a cash out refi for $50000 and use the cash to do some needed, but not dire, home reno and repairs. So I contacted the bank and got these numbers: ten year at 3.46 APR and 15 year at 3.35. We would get around $13000 in cash and the monthly payment, at least for the 15 year is a laughably small $382.73 (right now we pay $680). I hate shopping around, even thought I probably should. This would be through Chase, where we have the current mortgage. Are these good rates?

[Duke03]

Most HELOCs are in the 2.75% range.  Just use the heloc to pay the mortgage off and cash out that way....  Get a 50k Heloc pay off the mortgage have 13k left in cash.  This will be the cheapest option as far as refi fees and interest are concerned.

[JLee]

Rates have jumped in the last few weeks -- I got 2.5% on a 30 year last summer, but Penfed looks to be about 3% for a 15 year right now so you can probably do better than that.

[Spiffy]

I thought HELOCs had adjustable rates. What happens if rates go way up before I have paid it back?

[JLee]

I thought HELOCs had adjustable rates. What happens if rates go way up before I have paid it back?

Then your rate goes up, lol.

[Loretta]

I think we're in similar situations.  I have roughly 8 years left on a 10 yr mortgage at 3.375%.  Early on in the pandemic I talked to a couple mortgage dudes on the phone but the deals were not enticing enough, so I'm just going to keep on doing what I've been doing.