[DML] Re: Home Equity Credit Lines

["content22207" <brobertson@xxxx>]

Actually, of 7 replies, mine was the only one to mention home equity
lines.

And my reply clearly prefaced the option with "if".

That said, home equity remains one of the least used assets Americans
own. Tapping into it does NOT require perfect credit or a lengthy
credit history. It does require equity in excess of the actual line
(though some banks will advance up to 90% of equity).

And since you're borrowing against the same roof you sleep under, it
requires fiscal sanity.

Whether the funds are used for a DeLorean, a new furnace, or even to
pay off a higher interest first mortgage, I think every homeowner
should at least acquaint him or herself with the option.

Bill Robertson
#5939

>--- In dmcnews@xxxxxxxxxxxxxxx, "Brian McCool" <bjmccool@xxxx> wrote:
> All of these posts are assuming that someone
> A. Has a home with equity in it.
> B. Has perfect credit.
> C. Has a fairly long credit history.
> 
> Some would be owners on the list are having to hurdle all 3 of these
points
> because of their age or possibly lack of credit history.
> ----- Original Message ----- 
> From: "content22207" <brobertson@xxxx>
> To: <dmcnews@xxxxxxxxxxxxxxx>
> Sent: Monday, January 12, 2004 11:44 PM
> Subject: [DML] Re: Collector's Car loan
> 
> 
> > None of your replies mentioned a home equity line as a financing
> > option. If you have enough equity in your house, that should
> > definitely yield the lowest interest rate (which is also tax
> > deductible). Note that the lending institution makes no review of any
> > purchases from an equity line.
> 
> >