You may need to refinance your mortgage before you can enjoy lower rate and this usually comes with additional closing costs. (myfinancekits.com)
True, you may have to pay additional closing costs over what you have already paid for your current, now - useless credit line, but you can switch lenders. (badcreditloanservices.com)
You will have a second mortgage, which will come with a monthly payment and perhaps additional closing costs. (themortgagereports.com)