Folks, yesterday we got some awesome hate mail from a reader who was apparently upset over the post we made yesterday debunking the myths of home loanership (yes you read that right lol). Now while I won’t give this reader any pub and name them by name or even post the message they sent, I will speak to one of the “issues” the person brought up regarding how “your” home regardless if you take out a loan on it or not, is a bank account. Also according to this person, by providing the facts we provided yesterday, we are discouraging African Americans from taking advantage of the best type of savings accounts: “their” homes.
Now before we continue, dear reader, I implore you to read this article on the ultra popular personal finance site GetRichslowly, that goes in more on houses not being a great savings account..if really a savings account at all.
So whats your excuse now again? OH… that WHITE FOLKS are encouraging WHITE FOLKS from the “benefits” of loan ownership as well? LMAO. Second offense, Willis…second offense.
But lets just assume you were right and I lived in the same genius world you lived in. Ok, here’s why I think each of you should run out and get a home equity loan ASAP. Ready? Let’s go!
- 1. You already made the smart choice to take out a mortgage and pay a rich banker 6% annually to be able to save your own money.
- 2. Now that you’re already paying 6% (instead MAKING 6% ) on your savings, the only thing better to do is turn around and pay 8% ontop of that to take that SAME MONEY OUT AGAIN.
- 3. Because you are now paying twice as much to save your own money (lol) you might as well go ahead and use that money you clearly aren’t wasting to pay off your credit cards. If you do this not only are you now able to start paying off unsecured loans (credit cards) with a secured loan (home equity loans), you’re ability to default on your mortgage can now go up significantly!
- 4. Once you realize you payed off the credit cards with your home equity loan but never cut up those credit cards, you can then charge them up again while carrying a 2nd loan on your house, all while paying 8%!
- 5. Finally when you default on everything above, you then have the abilitiy of spending the next 4-8 years of your life stressed out, worrying and dogding collection agencies. SWELL
SIGN UP TODAY!!!
(Shout out to all our truly smart readers who aren’t drinking the credit kool-aid! Also, you can read the original home loanership post here)