Quote:
Originally Posted by Ford Prefect
So what's the upside for the financial institutions with M1s? There must be some or they wouldn't be offering this product.
|
Exactly as Incinerator said... in my case the bank tried to talk me into getting a HELOC that was about $180K more than I needed to pay off the mortgage, "just because you can and why not have the room, you know sir, in case you want to spend it".... Many people in that situation would say sure, never intending to spend it but.... oh look a new flat screen... a good deal on a car... a nice trip to Cuba... before you know it you owe what you used to pay on the mortgage, plus a crapload more.