Quote:
Originally Posted by cpaharley2008
Problem with home equity is losing your home over a car payment whereas if you financed the car all you can lose is the car. I remember using AMEX to purchase 10K US Saving Bonds, cashed them in after 6 months and repeated. After 2 years had enough miles for round trip anywhere in the world. They stopped that program very soon after that.
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I agree with Jim . When we purchased our lake home in Wisconsin our Bank in Minnesota wanted us to put our primary residence in Minnesota up for collateral
I asked the bank what would happen in we got behind on our loan
They said we will go after your primary residence cause we are not going to waste our time and money foreclosing on out of state property
I couldn’t take that risk with 5 kids so I found a different bank that didn’t have that requirement
I would not place my home in possible jeopardy to finance an unnecessary luxury
My parents lived through the Great Depression and that has a great influence on my personal monetary policy