Comments on: Using Home Equity to Finance your Life can be Dangerous http://www.archcityhomes.com/2008/02/using-home-equity-to-finance-your-life-can-be-dangerous/ St. Louis Real Estate Sun, 29 Jan 2012 01:49:53 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Karen Goodman http://www.archcityhomes.com/2008/02/using-home-equity-to-finance-your-life-can-be-dangerous/comment-page-1/#comment-87 Karen Goodman Fri, 02 Jan 2009 03:44:24 +0000 http://www.archcityhomes.com/?p=470#comment-87 Patrick, I totally agree that most people don't understand the impact of a home equity line until they are over their heads. There are valid uses for a home equity line. Doing things to add value to your home makes sense. It can also make sense to use a home equity line where you can deduct the interest instead of getting a regular loan.The challenge here is to still pay off the equity line...and not just buy a car using the house as a piggy bank. Thanks for stopping by from Twitter. Patrick,

I totally agree that most people don’t understand the impact of a home equity line until they are over their heads. There are valid uses for a home equity line. Doing things to add value to your home makes sense. It can also make sense to use a home equity line where you can deduct the interest instead of getting a regular loan.The challenge here is to still pay off the equity line…and not just buy a car using the house as a piggy bank.

Thanks for stopping by from Twitter.

]]> By: Patrick D. http://www.archcityhomes.com/2008/02/using-home-equity-to-finance-your-life-can-be-dangerous/comment-page-1/#comment-85 Patrick D. Fri, 02 Jan 2009 00:38:44 +0000 http://www.archcityhomes.com/?p=470#comment-85 Home equity lines are something I really didn't understand until I was hip deep in one. Huge mistake. If there is a takeaway from my experience, it's avoid the home equity line at all costs.It's basically like I've bought the house new again, except that it costs more than I when I initially bought it. Argh. Home equity lines are something I really didn’t understand until I was hip deep in one. Huge mistake. If there is a takeaway from my experience, it’s avoid the home equity line at all costs.It’s basically like I’ve bought the house new again, except that it costs more than I when I initially bought it. Argh.

]]>