2 years ago we bought a rental property. We sort of got jacked around on the financing it seems. I believe the mortgage broker did a major bait and switch. Anyway it was one of those "creative financing" deals. In order to avoid PMI and not have to put 20% down, we do an 80/10/10 thing. We pulled the 10% down from an equity line on our own home. We took a 10% equity line on the new property along with the 80% mortgage. The equity line on the rental has an adjustable rate and I looked it up yesterday and it is currently at 11.25%! It is only $12,000 but I need to figure out how to do something else. I havent been able to find the rate on my equity line on my primary residence. Its not printed on the statement and I couldnt find it online. I may move it there if the rate is lower. I don't want to move it to a credit card because then there are no tax advantages there. I dont want to refinance because then I will be paying a higher rate on the 80% that I financed originally........

The ironic part of all of this is.....so many people that "pull their head out of the sand" like I am doing.....do so because they are in a vicious circle of credit card debt and past due bills resulting in bad credit.......We bought a vehicle last month and when our FICO scores were pulled.....it is very near the perfect mark.......so we must be doing something right!