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Sun Oct 6, 2013, 10:14 PM

 

Would this make sense?

I own my home outright.

Should I take out a loan on as much equity as possible next week and then pay it back at the end of the month if there is no default?

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Reply Would this make sense? (Original post)
jberryhill Oct 2013 OP
ManiacJoe Oct 2013 #1
jberryhill Oct 2013 #2
ManiacJoe Oct 2013 #3
SheilaT Oct 2013 #4

Response to jberryhill (Original post)

Sun Oct 6, 2013, 10:17 PM

1. As opposed to making monthly payments if there is a default?


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Response to ManiacJoe (Reply #1)

Sun Oct 6, 2013, 10:24 PM

2. I didn't say where I'd put the money

 

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Response to jberryhill (Reply #2)

Sun Oct 6, 2013, 10:47 PM

3. Thus the question not yet answered.

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Response to jberryhill (Original post)

Sun Oct 6, 2013, 10:57 PM

4. And how quickly can you get an equity loan? Inside a week?

 

What will it cost you? Even if you pay it back at the end of the month?

It won't be totally free money. There will be costs. And unless you already have the paperwork in place, I suspect it would take more than a week to get the loan and take the money out.

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