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You should know the difference between Canadian
second mortgages and a line of credit.
A line of credit is a cash reserve that a person
can use at their own discretion. A Canadian second
mortgage is a lump sum payment that you receive.
With a Canadian
loan secured, you pay interest
on the entire amount.
With a line of credit, people can use as much or as
little of their available credit as they choose, and only
pay the interest of the part that they use.
For example, a customer may be pre-approved for a
$25,000 line of credit but may only use $15,000 for a home
renovation. Interest would only be charged on the $15,000.
With a Canada
home mortgage, you would pay
interest on the whole amount.
For the lowest rate Canada
mortgage loan, click
here.
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