Wednesday, March 23, 2005
Home equity had always been a huge puzzler for me until today when I called Charles Schwab and began the process of refinancing my home equity line of credit. Thankfully for us sorry and clueless financial folks, there's Fool.com (shout out to Billy). So now I know all about equity and how I can get it to work for me. I also know that this means greater debt too. I figure I will be paying for my house the rest of my life so owing slightly more right now isn't going to make much of a difference in the immediate future. If I'm still paying for my house when I'm old and gray and retired, then that would be bad. No one likes to be in debt, but only in home loan related debt can you make it work to your advantage come tax time. So being in debt is good to a certain degree. The whole concept is screwy but I don't have much of a choice. 'Dems da rules. Might as well get something out of it.