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Originally Posted by John Holmes III
and what happens when somehting goes wrong and you make late/no payments to your credit card? They can call in the whole amount. A loan shark might give you better terms than credit card companies.
The devil is in paying very high interest rates from the minute you get a cash advance on a credit card. There is no grace period. A hel usually has closing costs and fees like a regular mortgage and higher interest rates.
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You need to do your homework too. We have done exactly this with zero percent credit cards and no fee HEL loans, saved many thousands. The best deals are over but it is still worth an informed search.
Once again, do your homework. If you go into your first RE purchase with blinders on a whole army of people will line-up to take a cut. Some of the people replying to this thread also stand in these lines. You will be be paying for your lack of diligence for years.
Granted on a purchase of this size your mistakes will be small but as a percentage of your wealth it may cut deeply.