My mortgage company has approved me for a line of credit and I was wondering if this is good deal or not:

50K line of credit, prime plus 0%. Even borrowing the 50k , my loan to value ratio will still be under 80%. eliminating any PMI.

They pay all costs including doc stamps. I have zero out of pocket expense, and no expenses will be added into the line of credit.

It's good for 10 years. At which time I'll have to repay it or start all over again.

I've never done this before and was wondering what some others out there might think.

I was thinking about paying off a small loan I have and keeping the rest available to see if any other realestate opportunities pop up. If not, I'll let it sit unused.

I have pretty good disipline so I'm not worried about using it foolishly.

Thoughts?

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