They are doing it again, don't be a sucker.
Banks and finance companies are doing again.
They are advertising home equity loans.
This is a suckers loan.
Pay your home off and don't use it as an ATM.
Let me share some simple math with you.
Let’s say you have an $800 dollar a month house payment. (Principal and Interest)
That works out to $9,600 per year.
Do you know how much money you’d need in the bank at 3% interest to earn $800 per month?
It’s $320,000 DOLLARS!!!
Now most people would be quite please with themselves if they had $320,000 in the bank.
Understand the monetary value of having your home PAID OFF! By having a PAID OFF home you have effectively put the $800 per month payment in your pocket, not the lenders.
DON’T use your home as an ATM.
Now go take on the day.