[Deschodt]

I'm not aware of how this works... We are buying a piece of land in the boonies as a second place (that will likely become #1 home for retirement in 15y). We have a Home Equity line of credit on our paid-for home, that will cover that purchase and possibly even a small prefab home or barn to put on it (thought that's less urgent)...

However, a HELOC is interest-only for 10y and variable rate... useful to jump on something quickly in cash, but too risky long term... What then ? Can you refinance / get a loan on a new land/home that you already "bought" - something after the fact with a fixed rate, and use it to repay the HELOC, or is this the wrong way to go about it ?

Any clues gratefully appreciated. I've obviously never done this before...