Quote:
Originally Posted by Lt.Spears
I know your joking but i always think people who take loans out on the equity built into their houses are so stupid.
|
Depends on how much and what you are using it for. Mortgages always almost have lowre interest rates than lines of credit or student loans. It's common to take out lines of credit to pay for kid's tuitions (moreseo in the states where tuition at top schools is around 40k/year). Also, it can make sense to take the money out and put it into an RRSP, where the tax benefits can often exceed the mortgage interest.
I have yet to find one of these "guaranteed" return investments, but good deals do exist out there. Taking a moderate amount from your mortgage to finance one isn't always a bad idea.