A line of credit mortgage is also known as a Home Equity Line of Credit (HELOC) because the line of credit is secured by the equity in your home. It’s an excellent resource you can use for anything – a new vehicle, a home renovation project… Use it anytime on anything and save on interest!
Home Equity Line of Credit | Line of Credit | Credit Card |
---|---|---|
Flexible access to cash | Flexible access to cash | Flexible access to cash |
Secured by your home | Unsecured | Unsecured |
Low interest rate | Medium interest rate | High interest rate |
Tax deductible (home renos) | Not tax deductible | Not tax deductible |
Ongoing | Ongoing | Ongoing |