Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Latest News
Should you break your mortgage? + MORE Dec 20th
Joakim Tjernell was pretty proud of himself—he’d done a damn good job of shopping for a mortgage. It was back in June of 2009 and Tjernell, a translator in his 30s, had been eyeing units in a slick modern condo building on Toronto’s Bathurst Street for a while. There was a lot of paperwork—T.... More »
Before you buy, here’s how to compare home insurance + MORE Aug 6th
Home insurance is important, but no one loves paying for it. That’s why people like to open their browsers and search for “cheap home insurance” and “how to save on home insurance.”
Any insurance professional will tell you that there’s no easy answer for cheap and full coverage,.... More »
Over half of mortgage borrowers concerned about renewals Nov 1st
A new survey has found that 53% of Canadian mortgage borrowers are concerned about the prospect of higher monthly payments at renewal time..... More »
Fixed-rate borrowers face up to 20% payment hikes at renewal, BoC warns Jul 23rd
Bank of Canada data shows fixed-rate borrowers face the steepest payment hikes this year and next, but not all mortgage holders are in the same boat.... More »
FSRA introduces stricter guidelines for mortgage broker licensing + MORE Jul 20th
FSRA has issued new guidelines to enhance mortgage broker licensing standards, aiming to better protect homebuyers and investors..... More »
Last call for mortgage approvals under the current rules….and an in-depth look at how these new rules will impact YOU in 2018.
– canadamortgagenews.ca
TIME IS ALMOST UP.. With just days to go before the new mortgage rules take effect on January 1st, we are seeing a flurry of mortgage applications. Panic buying and … Continue Reading Last call for mortgage approvals under the current rules….and an in-depth look at how these new rules will impact YOU in 2018.
Personal Loan Vs. Line of Credit: Which Should I Get?
– ratesupermarket.ca
In today’s ever-evolving market of loan products, it can sometimes feel like there are too many options to choose from – and each with its own complex fine print. Obtaining a line of credit or personal loan from a bank or lender has been a common way for Canadian consumers to get a cash injection for decades.
But what are the differences between the two? And when may someone be advised to apply for a personal loan over a line of credit, or vice versa?
Why should I get a line of credit?
A line of credit has many similar features to that of a credit card, allowing the consumer to borrow money up to a pre-set limit. The borrower can use the funds however they choose and can spend as little or as much of the allotted credit. Most lines of credit also offer interest-only payment agreements, allowing the borrower to pay back the principal balance at any time.
Personal lines of credit may be secured or unsecured, but borrowers are advised to apply for secured lines of credit when possible…
