Iceman
Well-known member
Pretty warm tomorrow.....No ?
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Pretty warm tomorrow.....No ?
Sent from a Samsung Galaxy far, far away using Tapatalk
HELOC (Home Equity Line of Credit). You can have up to half the value of your home and just pay monthly interest on what you use. You still get fried in the end, but you can own more. Smart folks use the HELOC to pay off the mortgage.If there were a way to liquify the home equity and maintain ownership you could have your cake and eat it too. This is what I want to do as I am presently suffering thru a severe dearth of high end motorbikes.
HELOC (Home Equity Line of Credit). You can have up to half the value of your home and just pay monthly interest on what you use. You still get fried in the end, but you can own more. Smart folks use the HELOC to pay off the mortgage.
Did the same, then got rid of the HELOC. Only way possible to stick it to a bank.I guess I'm smart folks. I did that. Of course I still have HELOC waiting for me to go stupid. Not gonna happen.
... But do you own a German Shepherd?I guess I'm smart folks. I did that. Of course I still have HELOC waiting for me to go stupid. Not gonna happen.
Smart folks use the HELOC to pay off the mortgage.
My mortgage is at about 3% right now. Are you saying you can get a HELOC at a rate significantly enough better than that to have that move make any sort of financial sense whatsoever?
I could pay off what's left on our mortgage with our line of credit right now, but with the LOC being at a rate significantly higher than the 3% I'm paying on the mortgage it would make zero sense.
You have to check the numbers lol when I did it LOC was 1 point above prime, much lower than mortgage at the time. YMMV. Also they wanted to charge a penalty to pay off mortgage. But they didn't after arm twisting. How often can you intimidate a bank? It was fun.
And I thought the Aprillas were impressive.Heh, I own three GSX-Rs currently.
I'm all for saving money, just couldn't see how it would work, at least with the mortgage rate I've got. I guess for people paying much higher mortgage rates (which I might question why) and eligible for a good HELOC rate (which seems like it might be somewhat counterintuitive?) it would make sense, but if one was eligible for a very low HELOC rate...why would they be paying a higher mortgage rate to begin with?
With a HELOC you can throw money at it as it comes in. It's not amortized like a mortgage. It's a loan. You pay off your mortgage with the HELOC, then you're left with an open loan on your house that you can pay off as fast as you can roll money in.
Two GSXR's in my garage. House is worth 175% of what I bought it for 3yrs ago. Don't have kids or ex-wives and you'll be the envy of every guy on the street.
I think you mean DINK ?*ding*
True. But I wouldn't trade the kids for all the bikes on this forum.Two GSXR's in my garage. House is worth 175% of what I bought it for 3yrs ago. Don't have kids or ex-wives and you'll be the envy of every guy on the street.