Should You Apply For a Loan or Line of Credit? Apr 8th

Interested in learning more about property mortgages in Canada? Look no further!
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Construction Mortgages: What They Are and How to Get One + MORE Apr 24th

Needless to say, building your dream home involves a lot more work as opposed to buying a ready-build – it’s more than just drawing floor plans and picking out counter finishes. Buying a piece of land and constructing your own home from scratch also requires you to get a different type of mortg.... More »

The Latest in Mortgage News: Time to Rethink the Stress Test Apr 21st

The stress test is back in the crosshairs of industry analysts. Earlier this week, CIBC World Markets Deputy Economist Benjamin Tal released a report that attributed an 8% drop in mortgage originations from 2017 to 2018 directly to the federal government’s stress test rules (B-20), which took .... More »

How to Use a Mortgage Calculator + MORE Apr 18th

  Looking at mortgage rates for a new house? Need a mortgage calculator? Canada residents know it’s easy to fall in love with your dream home. But, it helps to factor in the mortgage loan amount and interest rate beforehand. You want to determine how much house you can afford  -  p.... More »
Should You Apply For a Loan or Line of Credit?
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…

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