Financial restructuring - 2004-02-12
Dear Dr. Don,
We bought a home in September of 2003. We currently have a 30-year fixed-rate first mortgage for $280,000 at 5.6 percent and a 10-year HELOC (home equity line of credit) for $57,000 at 6.4 percent.

My questions are: Is there any advantage in refinancing the first mortgage into a 3/1 ARM (adjustable-rate mortgage) and using the $1,000 monthly savings to pay down the HELOC? And, what is the downside?
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Right of rescission lets you get out of a loan - 2004-02-12
Federal law allows you a cooling-off period when you get a home equity loan or line of credit, or when you refinance with another lender.

The right of rescission is not available for all mortgages. Most importantly, there is no right of rescission for a mortgage made to buy a house. Borrowers and lenders can get tangled up in whether a mortgage is a purchase loan.
Read the full story at Bankrate.com