Saw an ad the other day. Get a home equity line of credit and give your family the best Chrismas ever?
And we wonder why the lending institutions are having problems. Seems to me they shot themselves in the foot and now wonder why it is bleeding.
What do you think?
BridgeWell Realty - Snellville, GA
Agree. I had a client that I just sold a home to. She does not have that much equity in her home, however, she told me that a friend of her's told her to take out a home equity line of credit. I almost fell over. Since I realized that she was not educated, I gladly explained what this meant and how a equity line could impact her and strongly advised against it. It's too bad that these companies are pretty much preying on those that are not as educated on this process
Dec 12, 2007 01:21 PM
Iowa Equity Exchange - West Des Moines, IA
Section 1031 Exchanges, Iowa/U.S.
It's too bad that our society doesn't spend a little more time educating its citizens about the wise use of credit. It sure would have helped avoid a lot of the problems we're having today.
Ken Tharp, Iowa Equity Exchange
Dec 12, 2007 01:53 PM
The Real Estate Investment Institute - Houston, TX
Kim,
HELOC's are a very useful tool when used by responsible credit worthy people, with equity.
HELOC's to finance Christmas thought don't fit this category.
Bill
William J Archambault Jr
The ReAl Estate Investment Institute
First National Mortgage Sources
Dec 12, 2007 02:07 PM
Rainer
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