So, if i want to get a home equity loan and place it on a high yield savings cd account? Is this feasible?
Is It Advisable To Use Home Equity Loan As Your Savings?
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It’s doubtful that you can find a CD which will pay as much interest as you will pay to your home equity line. Hence, you will end up in the negative on this arrangement. Of course, you can deduct the interest from your federal income tax return, but you will also have to include the interest earned as taxable income. You’re still in the hole.
Chances are you’d be paying higher interest on the loan than you’d get on the CD. And you’d have to be paying back the loan each month during its term, but you’d have all the money tied up in a CD so would have to find the money somewhere else to make the payments.