RBC Homeline

Our current mortgage is up for renewal in October (too early for penalty-free renewal) and we currently have a 1.99% interest rate. Our house is worth about $468,000 or more and we have about 40% equity. We have about $75k on credit cards and lines of credit and are looking to consolidate the debt into our mortgage come renewal time.

In the meantime, RBC has suggested the Homeline plan to save us on interest payments until we can renew the mortgage. What are the pros and cons of this?

Please note that we will be looking to get rid of the HELOC in September by consolidating it into a single mortgage, so this would be a six-month thing. This is also the first time we will be renewing our mortgage, so also looking to find out how this might affect that process. We are not super financially savvy, so please keep explanations as simple as possible.