Thanks to the two experts in the business contributing to this discussion. I have a question for you:

A reader of my website told me that he was obtaining a home equity loan from a lender offering miles. He indicated that the salesperson he spoke with advised him to take out the maximum amount possible on the loan to get the most miles, and then immediately pay back what he doesn't need. So, are there extra costs for the extra size of the loan other than the cost of interest for a few days? Do larger loans generate larger interest rates or more points, or the like?

Thanks.