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re: Secured LOCs: What is the point?
Posted on 2/12/16 at 8:43 am to Hoyt
Posted on 2/12/16 at 8:43 am to Hoyt
Plus some people don't save well so when the get done paying it off they still have their collateral. I did it to buy a boat once. I knew I would not put back into my savings account so I paid a whopping 2% on my loan and got done and still had savings left over.
1
Posted on 2/12/16 at 8:45 am to MsState of mind
We use ours to fund rental property projects. Keeps us from having to pull any of our own money out of the bank. If you have a LOC at low rates, why wouldn't you use it?
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