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I had a friend describe a loan that he obtained from his bank instead of a
regular mortgage. It sounds like the perfect thing for us, but I am not sure
of it's official name.
Basically, it's a very large, low interest line of credit. The interest rate
floats and I could lock it in at any time.
We currently have a line of credit with a large limit, several credit cards
with high limits (paid off each month), and our mortgage (locked at 4.8%).
We've got more than $200,000 equity in our home, much more than all of our
current debts combined.
So... When I go to the bank what do I ask for?
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What is this kind of mortgage/loan called?
