My mother is buying a Co-op but no bank will finance her to buy the Co-op.She needs 20,000 to close the deal.I suggestsd her to get a high limit credit card.She applied Juniper and was approved with 15,000.So she will write herself a Chase check ( 5.99%)then transfer that balance to Juniper .After that she can write another Chase check.$20,000 balance will be at 3% APR and better than mortgage .
Initially better than a mortgage; however credit card interest is normally calculated on the average daily balance, while a mortgage is simple interest and the interest on the mortgage loan is tax deductible, so in the long run it is not better than a mortgage loan. Just my 2 cents. JP
