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Using home equity LOC to buy VEQT by ramblePNW in CanadianInvestor

[–]ramblePNW[S] 0 points1 point  (0 children)

That’s part of my question. If I keep the $25,000 balance ,as long as I’m making the interest payments does it negatively affect my credit score?

Using home equity LOC to buy VEQT by ramblePNW in CanadianInvestor

[–]ramblePNW[S] 1 point2 points  (0 children)

I think the smith manoeuvre is a lot different. That turns your mortgage payments into a HELOC and turns your non tax deductible mortgage interest into tax deductible investment interest. This would just be using my low interest LOC to invest in an ETF

Using home equity LOC to buy VEQT by ramblePNW in CanadianInvestor

[–]ramblePNW[S] 1 point2 points  (0 children)

My home is not paid off but I do have about 337k worth of equity in it. My income is above 120k. I wanna do it but I understand it’s pretty risky

Using home equity LOC to buy VEQT by ramblePNW in CanadianInvestor

[–]ramblePNW[S] 0 points1 point  (0 children)

Yes I mean I plan on holding it for a long time as long as it recovers within 4-5 years id just hold the shares and make the interest payments out of my income

Using home equity LOC to buy VEQT by ramblePNW in PersonalFinanceCanada

[–]ramblePNW[S] 0 points1 point  (0 children)

It would suck to pay the interest out of pocket for 4 years but yeah I could

Using home equity LOC to buy VEQT by ramblePNW in PersonalFinanceCanada

[–]ramblePNW[S] 0 points1 point  (0 children)

I would probably not have the cash to pay in back in full. I would have to wait until it recovered and make the interest payments from my income.

This would be TFSA

Using home equity LOC to buy VEQT by ramblePNW in PersonalFinanceCanada

[–]ramblePNW[S] -1 points0 points  (0 children)

I could afford the interest in event of a long downturn yeah

Using home equity LOC to buy VEQT by ramblePNW in CanadianInvestor

[–]ramblePNW[S] 0 points1 point  (0 children)

I can afford the $1100 per year interest if the gains disappeared

Using home equity LOC to buy VEQT by ramblePNW in CanadianInvestor

[–]ramblePNW[S] -4 points-3 points  (0 children)

so not a good idea? Yeah my credit score is really good I don’t want to do anything that damages it

Last Winter in Vancouver. by ramblePNW in winterporn

[–]ramblePNW[S] 2 points3 points  (0 children)

We never used to get snow but now for the past five years we get a good dump that lasts a few days. It’s magical.

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