Originally Posted by calmloki
We took out a loan on our home to pay off a loan on some apartments - money owed is money owed, think that's a part of money being fungible. Back then the interest on the apartments was 9% and after a few refis we are at 3.875% on our home.
Good point.! Get the cheapest money from where you can. Congrats on your rate. !
My mortgage is almost paid off. During the high flying days, I got an equity line against it...primarily so that if we wanted to get a 2nd home I could possibly tap that instead of going to a bank.
At that time they gave me prime minus one. The rate is 2.5% and has been for over 3 years since it follows the fed funds rate. I don't ever intend on paying it totally off as I never expect to see a prime minus one offer again
And I very well may use this "source of funds"...if we do get that second home we are looking at.