$610K would now be a “jumbo” loan. How can you now get a $610K conventional loan at 4.85%? If you can, why refinance at all and pay closing costs?
Your interest rate is not that bad, considering the size of your mtg, IMO.
I would think the closing costs would be too high on an FHA refinance. Are you SURE your property will appraise for $850K (just under 72% LTV)? The FHA program now charges exorbitant up front and monthly MIP for mtgs where the LTV is higher than 78%.
If the FHA ceiling DOES get raised again, I guess you could have an FHA appraisal done and find out for sure for a few hundred.
As of last week, the current FHA 30-yr rate was just over 4%
All HELOCs have adjustable rates, mostly tied to the prime rate. You will be at that lender’s mercy if rates skyrocket. Not sure if annual caps are built into them but I don’t think so.
If I were in your shoes, I would leave well-enough alone (at least for the time being) but that’s just me.
