Line Of Credit
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A line of credit gives you the ultimate flexibility within your mortgage. Normally there is no set term for your loan. You have a preset limit that you can draw against and pay off at will. A line of Credit eliminates the need to have other types of accounts as you receive a chequebook, ATM card and a credit card. To make the most benefit of this type of account, it is recommended you have your salary and wages paid into the account. With the interest calculated daily on a Line of Credit account, you should see a rapid decrease in the reduction of your loan.

Unlike other loan types where once your loan is paid off and the account is closed, with a Line of Credit as long as the Lender holds the security of your Title Deed, the account remains open. Your account may not have been used for a couple of years, however you may decide to buy a new car, or an investment property. With a Line of Credit, you simple write a cheque from your account up to your pre set limit and make your purchase. This way there is no need to reapply for your loan, pay establishment fees again and set up costs. You control your own financial destiny!