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|