I pulled out all the equity in my house and mortgaged for 30 yrs at 3.75.
I hope to pay it back with Obama/Yellin/Fauxcahontas mini-bucks.
I commend you. I must say that flies in the face of everything my parents taught me-but they lived through the Great Depression and WWII. They built their first and only house in 1946 and paid it off by about 1956.
Hey..You just gave me an idea...I could refi my condo, take the money out, pay off my debts ( was out of work several years ago and still paying that off!) and then carry a 30 yr mortgage..duh, with inflation, it won’t be a problem to pay it/.
With a Fed that continues to print up $80 billion per month in new money, I really cannot fault your reasoning here. Just don’t forget to set something aside for the new federal real estate taxes that will be coming down the pike.
we did ours for 15 @4%.....replaced a Prime rate + zero home equity loan....at least now we have a set rate...we’re forced to pay it down as well...with the Heloc we could just pay the interest if we wanted...