Interested in learning more about property mortgages in Canada? Look no further!
This is probably the biggest positive mortgage lending change in 10 years. A major lender has just announced a new program for self-employed individuals! For the last several years, mortgage lenders were not including any business income when qualifying for a mortgage. In other words, if you owned.... More »
The stress test continues to be the focus of much research, with new data released recently on the full extent of its impacts on the housing market. We’ve summarized the latest findings, which look at the stress test’s impacts on home sales and prices over the past year, as well as the c.... More »
Canada’s big banks felt the effects of a sharply slowing economy and cooling housing market in the second quarter. Most reported net income growth in the low-to-mid single digits. Several saw 90+ day delinquencies rise slightly in the quarter, and all of the banks, with the exception of Nation.... More »
Thinking about owning a home in Canada? It was only a few years ago that Toronto and Montreal were ranked among the best places to live with the cost of living as a contributing factor. But the cost of ownership has now skyrocketed. In cities like Vancouver, Toronto and Montreal, only those in the .... More »
Banks offer a variety of products to give you access to cash. But is every borrowing option the same? If you’re weighing the alternatives, you may struggle with the choice between a loan and line of credit. Only you can decide what’s best for you, but there are some factors to consider. Those include your personal spending habits and your plans for the extra source of funding.
What’s the Difference?
Once you’re approved for a line of credit, you don’t have to use it right away. The credit line is available for you to draw from as you need, but you’ll have to make regular payments on any balance. It’s considered a revolving form of credit, where you get the available credit back after you’ve made the agreed upon payments. Some lines of credit only require that you pay the interest on any outstanding balance.
A loan typically comes as cash in one lump sum. You pay it off in fixed installments. Once it’s paid off, it’s paid off…