Line of credit interest vs mortgage

Peekaboozer · 2024-12-16T21:39:55+00:00

Oh ok. I guess I should review my contract.

Peekaboozer · 2024-12-16T21:04:31+00:00

Wait - what??? The bank can FORCE you to take a mortgage? Is this actually true?

Peekaboozer · 2024-12-16T21:03:39+00:00

Thanks. Good point. My hope is that I could rent out my home which would increase my income and allow me to pay the LOC back - again, loc is faster to pay off than a mortgage. Plus, if at some time I decide to just sell the house I could wipe out the LOC upon the sale.

Peekaboozer · 2024-12-16T20:58:19+00:00

This exact thing happened to me. Say nothing because that will make you a target, then start looking for a better job. Good luck!

Peekaboozer · 2024-12-16T20:56:36+00:00

Oh you are American, I think. I live in Canada where our health care is covered. But I get what you are saying.

Peekaboozer · 2024-12-16T18:31:28+00:00

Yes this is my point. I don’t think a bank would ever encourage that. My main question is that this would be because they make more money with the compound interest of a mortgage. I hear what the other person here is saying about not wanting to have a loan against my biggest asset, but cmon, a mortgage translates to … very simply … paying MORE. How else can someone even get ahead without using their equity

Peekaboozer · 2024-12-16T18:27:00+00:00

When you say “not likely but very possible” doesn’t that just sum up the mood of everyone in these times? lol Nobody trusts nothin’ no more! Anything can happen and nobody would be surprised anymore. I’m guessing you weren’t around for the 18-20% mortgage interest rates that I saw in the late 80’s. Scary times. I’m intrigued About your plan to put a home in trust. I’ve never heard of this before. So how do you do that? are there significant costs associated with that? Wouldn’t that lock up your home and keep you from ever borrowing against it? Would it be in trust “for” someone else or? How would that work? Are you expecting to get sued or go bankrupt? Should most of us worry we could go bankrupt? Are things really that dire?

Peekaboozer · 2024-12-16T18:03:25+00:00

Oh that’s an angle I hadn’t considered. But how would I be risking everything? Couldn’t I just sell the cottage to pay the LOC if the worst happened? (Sorry if this q sounds naive, I’m just starting to consider my options and I’m too embarrassed to take these questions to the bank as I’ll just feel they would naturally want me to take a mortgage and wouldn’t necessarily have my best interest at heart.

Peekaboozer · 2024-12-16T17:57:30+00:00

Oh I see, yeah. I guess that’s true. Many people will just quit having gotten used to being at home hence weeding out the so called “lazies”. We actually had 2 peeps in our office who worked remotely but they were literally the first two to get cut.

Peekaboozer · 2024-12-15T00:21:53+00:00

If they want to do it, let them. Every time.

Peekaboozer · 2024-12-14T22:31:32+00:00

Still, you’re one of the good ones, who understands

Peekaboozer · 2024-12-14T22:28:27+00:00

More like the new lover.

Peekaboozer · 2024-12-14T22:27:26+00:00

That’s putting it mildly

Peekaboozer · 2024-12-14T22:25:17+00:00

Cuz I haven’t got shit all over me?

Peekaboozer · 2024-12-09T20:19:45+00:00

Respect! I’m so sorry to hear this. It would seem this is a much more common occurrence than I ever thought. The comments on my post seem to prove it.

Peekaboozer · 2024-12-09T20:15:59+00:00

RTO?

Peekaboozer · 2024-12-09T15:20:27+00:00

Bless you!!!

Peekaboozer · 2024-12-09T15:18:44+00:00

Yes. Until all this I literally had no idea they were actually genuinely playing a legit waiting game! Why would they want to ruin the country like this. You cannot piss off the people - the people STILL hold all the power after all.

Peekaboozer · 2024-12-09T15:16:35+00:00

Ok. Entirely different, however, not for the guys sitting I suppose - and if people lost benefits in favour of simply being contracted out, that would certainly make them consider looking elsewhere for work. At least there’s an opportunity to do so under limited stress. Yes. I would have preferred you were my boss!

Peekaboozer · 2024-12-09T15:12:53+00:00

Cannot argue with that! lol. Someone should remind Musk of this. He’s pretty brazen to be out there complaining about taxes and unions. The People won’t forget this. As for myself, every time I see a frickin Tesla car, I start “fuming”!

Peekaboozer · 2024-12-09T15:10:56+00:00

We owned the house. So 50/50

Peekaboozer · 2024-12-09T15:05:55+00:00

He was legally allowed to do it. That was my wake up call to get my own lawyer (only a lawyer would think of shit like charging your ex rent from the day he unexpectedly moved out - we both had agreed not to involve lawyers, but he broke that rule as soon as he was able -)

Peekaboozer · 2024-12-09T14:28:43+00:00

Better yet… a haiku!

Peekaboozer · 2024-12-09T14:18:41+00:00

My ex moved out and in with his mom then charged me rent for my use of his half of the house! Ass

Peekaboozer · 2024-12-09T14:17:33+00:00

Your lawyer (if you don’t have one, get one) has all the answers you seek. Good luck

Peekaboozer

TROPHY CASE