shpuck wrote:eftda: Not college. We got our condo when I got out and started grad school and took out the credit line a couple of years later when the rates were low. So I learned by doing and discussions with my parents. It paid off my wife's car, consolidated credit cards, etc. Right now, I'm paying about $150 on the $100 we owe each month (to work off some principal). It's great when you look at the big picture.
free: The bank basically has your home as collateral when you have a mortgage. All your really doing is putting more of your home up and getting low interest money against your home. Since the housing market is increasing so much, especially in the SB area, the value of the home is fast outpacing the amount we have in Equity and mortgaged, so even if we sold, we'd have a bunch left over after paying off the mortgage and the equity that we owe. In essence, if you can purchase a home and take out money against it, that's the way to go so you're not required to dump your money into credit card companies. Of course, it still takes fiscal responsibility to not blow your entire equity line on useless stuff.
ah, that makes more sense...good stuff man on another note, i'm getting married this summer and moving to florida to finish school. we plan on being down there about 2.5 to 3 years. think that would be a long enough staying time to invest in a condo or small home?