Buy a Car... With Your House???
I would like to question USBank's recent home equity line of credit ad campaign that I will affectionately call "...with your house." For those of you who are not AM radio dwellers in the car or at work (like me), you can catch these ads on AM 1240 WJON and 1390 The Fan. They go something like this:
With rates at historic lows there may never be a better time to pull out an equity line against your home. Then they proceed to go into everything that you could potentially do with this money. For example you could buy a car... with your home, consolidate debt... with your home, etc.
Does anyone else find this sort of ad irresponsible at this time or am I alone? President Obama is looking to have a $70+ billion dollar housing package aimed at helping homeowners refinance to lower rates because they have NO EQUITY IN THEIR HOME! Why are we trying to encourage other people in good standing to join them?
Ultimately, it's your money. You can do with it whatever you like. Maybe it is a good thing to have people pulling more credit and start buying cars and boats. We can jump start the economy with money we don't have.
Or maybe we should be trying to save some money??
As always, your thoughts on this matter are greatly appreciated.
Jason Tangen - GRI, e-PRO - Real Estate Broker Associate with Edina Realty in St Cloud MN
http://JasonTangen.EdinaRealty.com - Search homes for sale in Stearns County MN
http://StCloudEdina.com - Home of the e-Market Analysis (free home value estimator)
