Home Equity Credit Card 1% Below Prime?
Can anyone explain this to me? I'm not sure I entirely get it. Is the idea that you would be opening a credit card that has an APR one point below prime and that the lender is your own equity in your home? Does that make sense? If I were to buy a house that appraises for $160,000 and I only pay $150,000 for it can I open one of these to do updates or do I have to wait a few months? Any advice would be great.
posted by D-D at 9:15 AM
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