Originally Posted by ultraman

I am the reader that Gary is talking about. The loan I am applying for is a Home Equity Loan from Chase. The link on Gary's site for loans to receive United Miles was: http://www.united.com/page/article/0,6722,50776,00.html
The bonus for this loan will give me 4250 mile for each 10,000 borrowed. When I applied via phone the agent said I can borrow the Maximum which is 500,000 and pay it off the day after the loan funds. The terms and conditions say that I will receive the miles based upon the amount of the initial funding. He then told me I could then apply for another Home Equity Loan for my rental property and pay off the first loan. The July 31, 2004 deadline is for the start of the loan application so I hope to have both loans for a total of
425,000 united miles.

Loan terms: Interest Rate is Prime +1/4 (presently 4.25%), The rate for a loan under $200K is at Prime. No points or fees and the appraisal is a drive by. There is a $75 per year admin. fee but the first year is free. Therefore the only cost will be the interest cost for a few days that I have the loan and since I will pay it off I am not that concerned about the interest rate.
I am waiting for the fed ex loan application that I will sign and send back with my 2 years of tax return, pay stub and insurance info. I will keep you posted as I progress.