I just did an equity out for 6.5% over 30 years with a 3% cap on all closing costs, fees and whatever. This is limited by law in Texas and is based on the amount of the loan. You are allowed to borrow equity up to 80% of the FMV of the house.
I had 6 years left on a 15 at 7% and owed only 1/3 of the FMV. So now I got a wad of dough to pay off cars, credit cards, do a QTP for my son, and a Roth IRA for me and the wife. And all that interest is tax deductable.
