Quote:
Originally Posted by Kobatuzzied
Yeah i mentioned that in the first part of the post. Also if you think mortgage rates are going to fall which they might do, you can also go from the LOC to a mortgage at any time.
This isn't the product for everyone and it's actually harder to qualify for a LOC then a mortgage since it's revolving credit. hmmm just talked with my mortgage broker and he is doing 4 LOCs for every mortgage.
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I qualified for an LOC just fine. And I find that stat hard to believe that he's doing LOC's 4:1 over mortgages. With people's spending habits, I firmly believe that the LOC is more of a detriment than a help to most people.