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re: Paying off student loans with mortgage equity
Posted on 7/24/17 at 3:13 pm to seawolf06
Posted on 7/24/17 at 3:13 pm to seawolf06
quote:
Will banks allow you to use debt to pay off debt? I know this isn't typically the case with credit cards.
Money is fungible.
Let's say you can use the money to pay for household expenses (groceries, daycare, etc) but not for the student loans.
Well what do you do? You use the loaned money for the groceries, the daycare, etc, you use your regular earned income on the loan.
Realizing money is fungible is a simple, yet, important attribute to be aware of.
1
Posted on 7/25/17 at 7:55 am to Teddy Ruxpin
quote:
Money is fungible.
Let's say you can use the money to pay for household expenses (groceries, daycare, etc) but not for the student loans.
Well what do you do? You use the loaned money for the groceries, the daycare, etc, you use your regular earned income on the loan.
Realizing money is fungible is a simple, yet, important attribute to be aware of.
Anyone who understands this knows that tax money does fund Planned Parenthood abortions and that the Lottery doesn't really fund education.
Having never done a HELOC or 2nd mortgage before, I wasn't sure if you had to state the purpose of the loan.
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