2007-06-21 04:26:12 · 4 answers · asked by Albert G 1 in Business & Finance ➔ Renting & Real Estate
Only if you can afford to do so....
2007-06-21 04:29:07 · answer #1 · answered by Anonymous · 0⤊ 0⤋
A home equity line feels like FREE $$$, but, remember, you have to pay it back, and typically at a higher interest rate than your mortgage rate.
That's a high price to pay if you don't really need it.
Leave your equity in the house until something comes up in your life - and something always does - that will justify the expensive interest rate.
Consider it: "Break Glass for Emergencies Only."
If you leave your equity largely intact, and let it grow (and it will), someday, that $$$ could be part of your retirement plan, and believe me, we'll all need it when we get to that day!
Good luck and best wishes!
2007-06-21 11:45:34 · answer #2 · answered by venicefloridarealtor 4 · 0⤊ 0⤋
I NEVER recommend pulling out equity unless you have a good reason for doing so. A home is your investment. You are spending your investment value. Spend it wisely.
2007-06-21 11:35:11 · answer #3 · answered by acermill 7 · 0⤊ 0⤋
Not really, you really should take what you need and no more. You will pay interest on what you use so spend wisely.
2007-06-21 11:30:45 · answer #4 · answered by clemenza222 3 · 0⤊ 0⤋