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Originally Posted by John Holmes III
Get a grip???  ......You contradict yourself so much in one thread that ordering the moderator to get a grip is funny.
There is no such thing as free credit card money. Be one minute late on a payment, or exceed the credit limit and you will find out how free that money is. My neighboor is a bankruptcy attorney and he works seven days a week and still has to turn down clients. Most of his clients have to file because they got into trouble with credit cards. People risk financial suicide if they take out enough money in cash advances on credit cards to buy a house.
No fee HEL usually involve hidden costs of some sort. Someone has to pay for a appraisal, inspection, title search, document stamps, closing costs ad nauseum. No bank will make a HEL to someone that has so much outstanding in recent credit card debt, on a run down propert that has little curb appeal at this point. There are many legit ways to buy a home with little or no down payment, and pay a regular mortgage payment.
I have a grip, on my wallet. |
Point out a contradiction, if I made an error I will correct it. I don't think that you can because I think you are just arguing a position and are happy to lie to do it.
You make a good point about the loan approval with outstanding debt. When you call CS to check on your approval and they say you are denied due to outstanding debt you must tell them that you are using the new loan to pay off the old debt.
And of course you have to watch for hidden fees but this is with
any business, any loan, etc.
The perils of using credit cards also applies to any purchase with credit cards and not just a deal like this. This is where the puppies get trampled by the big dogs. If you don't have the discipline to work the system without self-destructing, get back under the porch.