HawthorneVillager.com

I bought a 2012 BMW M3 with my HELOC, how you like them apples Yukon?

New In Town,

I don't want a Heloc which costs money to open and also close (yes, some banks will open this for free, but you pay big to close it out). I also don't want the huge amount they tease you with. I use the unsecured line ($15k) to invest in stocks where I write-off the interest. But now my stocks are sliding sideways and just wondering whether the 5.25% rate I am paying is competitive.

5% seems to be the norm on unsecured LOF. You're right, if you wish to close a HELOC, be prepared to hand over $250.

And what do you drive?

Interesting article I found on the G&M on HELOC. We have one too and were aware of the risks and we are not abusing the available credit but the article was an eye-opener so I just wanted to share:

http://www.theglobeandmail.com/globe-investor/personal-finance/home-cents/canadians-putting-homes-at-risk-with-lines-of-credit/article2236833/

I wouldn't buy anything assembled in the 'shwa ...or Brampton. Maybe oakville though. But hey, my civic was built in Alliston Ontario. So my rice rocket is as canadian as your pile of sh*t GM.

Though I'm saving up to buy an actual japanese rice rocket ... oh Subaru BRZ, you will be mine in the next 1-2 years!

I'm thinking Yukon doesn't buy foreign because he's racist bigot. Just sayin!

Yukon is lost. Your Alliston built Civic has more North Amercian built parts, and engineering, than anything built at the Oshawa GM plant. So I would say that your car is more "Canadian" than his GM.

I know but if you decide you no longer need this type of account and wish to close it, be prepared to pay a fee. You have to remember that it is a mortgage against your house. If you default paying interest payments, the bank can recover what it's owed.

Yes, he wouldn't know a foreign built car if he saw one. Many people don't know that many Japanese and Korean models are built in N. America.

This isn't a product for people who cannot manage their money or are afraid of variability.

So what do you drive that you think is superior to my German car? Can't wait to hear this!

Yup agreed. If you have a HELOC, I see no logical reason why you would feel the need to close it, except if it complicates you getting another mortgage, and in this case, the bank should be swallowing the fee. My bank assured me I don't have any of these fees, some due diligence goes a long way.

You know what? Just answer the question.

Hey dip sh*t. Your pile of rust isn't built in Oshawa. It's built in Michigan. The regal is built in Oshawa. Add that to the long list of things you know nothing about. - Including the outdated douchemobile that is the epitome of the crap Detroit churned out in the 90's. See ya in my rear view old man.