My tax value on my home has increase. Should I refinance my first home and add the home equity loan?

I left off the following information about my previous question. The first mortgage of $190,000 has a fixed rate of 5.375% and the home equity loan in the amount of $35,000 has a variable interest rate currently at 12.13%. Please see my earlier question for more details. Thanks so much for your help!!!! I want to pay my house off as fast as I can!

You will not get the same rate of 5.375 if you combine them. Those rates typically do not exist anymore. It MAY be possible if the value of your home is more than 276K, but still unlikely if we are talking FIXED rates. HOWEVER, you have to look at the overall value you would be saving.

How long will it take to pay of the 35K? 10 years? Longer? If you do refinance into 1 mortgage how much money will you save? People look at rate as though it some badge of honor the lower it is. Is it worth cutting off your nose in spite of your face? If you can save over $200/ month by refinancing into 1 mortgage, and apply that money towards the principal of your mortgage, you could pay off your home 10 years sooner.

You can get a free analysis at http://www.newprimehomeloans.com

Do you mean the tax assessment? If so, appeal it. Almost everyone I've know who has appealed it, got it reduced. In the meantime, try to clear up that home equity loan asap.