Summary:
In this episode, best selling author Kim Butler and No B.S. Money Guy Todd Strobel talk about the pros and cons of opening a Home Equity Line of Credit. Listeners will learn about when they should be used, and why mortgages may be the better way to go. Stay tuned for the listener gift at the end!
Tune in to find out how to take control of your finances today. Do you have a question you would like answered on the show? Please send it to us at welcome@prosperitythinkers.com and we may answer it in an upcoming episode.
Links in this Episode:
Submit your questions: welcome@prosperitythinkers.com
Listener Gift: Financial Planning Has Failed ebook
Show Notes:
00:00 Intro
00:45 Answering a listener question
00:57 Home equity line of credit vs. Traditional Mortgage
03:22 Additional facts on the listener case
05:04 Busting the Interest Rate Lies
05:38 General Rule of Thumb: Putting extra money against a mortgage is not a good idea
07:06 Variable interests rate vs. Fixed interests rate
08:14 How home equity is handled at the banks
08:48 Can the bank still call the note?
11:07 Never have borrowed money as your emergency fund.
14:27 Tax implications of Home Equity Credit Lines
17:33 Mortgages are efficient debt
19:16 Listener Gift
