Is it honourable to do if I intend to use my equity credit file next to current rate %5.00 to reimburse past its sell-by date my 1st mortgage?

My 1st mortgage rate is %5.75 on remaining $29000.
Answers:
You say it's "current" rate is 5%. If it's a fluctuating rate, then the answer is a big NO. If it's fixed, then yes, obviously. That is, if your payment terms are structured so that you can afford to be paid them monthly on the equity loan if you have that large a symmetry.
Stay away from a Variable loan if the economy be to get better that interest could shoot through the roof, but if it is fixed go for and also pay cheque aggressive if you can it shows on your credit as paying as agrees and paying on time and also puts you in right standing with your mortgage company.
Don't do it. Your first mortgage is fixed. Your home equity line of credit is not. Interest rates will rise as will your LOC rate. Keep the fixed rate.

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