This is an exercise in satisfying my curiosity more than anything but it could turn in to something more.
Background / Preface: I don't know jack about money. I've spent the majority of the past 20+ years paying child support and then paying for an engineering degree from Purdue for my son so investments and smart money moves are like a foreign language to me. That said, I've never paid a bill late in my life, my credit score average (among the big 3) is 790+ and my current debt to income ratio is around 16%.
I have an opportunity to borrow up to $15,000 for 18 months at 0% interest. There will be a 3% transaction fee should I decide to take advantage of this free money. My question is two fold.....
1. Is there money to be made here by taking the loan and investing?
2. We have been searching for a new home for the past year. If we find what we're looking for I am prepared to make two mortgage payment for a couple of months if required to buy the new & sell the old but this will require a new mortgage which currently should not be a problem but if I were to take advantage of this offer I'm certain it would impact my credit score potentially negatively impacting my ability to qualify for a second mortgage(?).
Please discuss......
Background / Preface: I don't know jack about money. I've spent the majority of the past 20+ years paying child support and then paying for an engineering degree from Purdue for my son so investments and smart money moves are like a foreign language to me. That said, I've never paid a bill late in my life, my credit score average (among the big 3) is 790+ and my current debt to income ratio is around 16%.
I have an opportunity to borrow up to $15,000 for 18 months at 0% interest. There will be a 3% transaction fee should I decide to take advantage of this free money. My question is two fold.....
1. Is there money to be made here by taking the loan and investing?
2. We have been searching for a new home for the past year. If we find what we're looking for I am prepared to make two mortgage payment for a couple of months if required to buy the new & sell the old but this will require a new mortgage which currently should not be a problem but if I were to take advantage of this offer I'm certain it would impact my credit score potentially negatively impacting my ability to qualify for a second mortgage(?).
Please discuss......