MS with HELOC

Old Nov 9, 17, 9:47 am
  #1  
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Join Date: Oct 2013
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Red face MS with HELOC

We have been using our HELOC for some MS. We make MO payments once or twice a month to the HELOC and then when we need to pay a bill we transfer money to checking. You can save on interest if the money is in the line before your payment posts so that is great. Is anyone else using their HELOC?
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Old Nov 9, 17, 10:36 am
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I suppose there's nothing that could go wrong here.
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Old Nov 9, 17, 10:46 am
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Originally Posted by mhdena View Post
I suppose there's nothing that could go wrong here.
Hey, you could always charge some camping gear - tent, sleeping bags, etc. - in a pinch, just in case you ran into a small hiccup with the bank that holds your mortgage.

Play on!!!
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Old Nov 9, 17, 11:35 am
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I figured there would be negative comments. I have been doing this for 2 years with no issues.
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Old Nov 9, 17, 3:36 pm
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Originally Posted by Travelz View Post
I figured there would be negative comments. I have been doing this for 2 years with no issues.
@ what APR?
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Old Nov 9, 17, 4:10 pm
  #6  
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Originally Posted by Stivelio View Post
@ what APR?
Most is locked in at 3.99 and then some is variable. We just have a HELOC, no mortgage. Looking for more tips using the HELOC. It is nice to have an open money source. We are working on paying this off in the next 3-4 years and this hobby helps.
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Old Nov 12, 17, 3:14 pm
  #7  
 
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Before this ms section existed I was making money using similar method, but that was when I could buy decent % cds. Before Barney Frank ruined my method when he placed regulations on banks (not all good) and now you can no longer easily find cc convenience checks offering 0% fee and 0% interest for 18 mo and so forth. One could use those to make nice deposit, then buy cds at other institutions, save back enough of the initial loan to make monthly payments, get a cd for the rest and everyone would make money. No one lost money doing that including the bank with the promotional offer; they’d get all their funds back and you’d come out ahead when you cash the cd. The gov would get their tax revenue and everyone was happy. Unfortunately, regulations helped kill that by forcing banks to charge more fees instead of letting the market to play out and offers get made. I also did more business with the cc issuer since I appreciated their offers. Maybe now some of the stifling regulations can be rolled back and others improved. I’m not against regulations, but some were excessive and contributed to a slower economy. Right now cds aren’t that great, so not interested in that side of revenue generating. Yes, having a buffer can help facilitate responsible ms, but one most be careful when borrowing. Must only use for absolutely safe return and never count on current available methods being around perpetually.
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