Refinance not best choice for everyone

DEAR BENNY: I have an adjustable-rate mortgage (ARM) with one more year to go. When is the best time to refinance? Also, should I get an equity line of credit for household emergencies or home improvements? --Michael

DEAR MICHAEL: Your second question is easy. I strongly recommend that every homeowner who has some equity in his or her house get a HELOC, or home equity line of credit. Many banks will not charge any fees for setting this up.

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