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Are you better off using a Home Equity Line of Credit or a Mortgage to buy a cottage?

Category: Mortgage

1 Comment → “Are you better off using a Home Equity Line of Credit or a Mortgage to”


  1. Alex Prasoulis

    Realtor

    May 11, 2014

    This is a good question. Although a Home Equity line of credit essentially is a mortgage it is a mortgage which is structured as a line of credit where you can draw out money and pay back the money using an interest only payment method. You are only required to pay back interest only on these line of credits and so you will not have a schedule for paying down principal on the amount unless you do so voluntarily so you have to be careful because this type of mortgage may end up costing you more down the road and minimize the amount of principal you pay down. A conventional mortgage has a principal and interest payment and will ensure you are paying down some of the principal as well. If you plan on holding the cottage long term and would like to pay down the mortgage in my opinion this would be better as it will force you to pay down principal payments of the balance.

    If you need more info on mortgages please feel welcome to call me at 416-901-8777 or email me at aprasoulis@gmail.com. I am a licensed Real Estate & Mortgage Broker with years of experience and I have access to great rates and products. Feel free to visit my website at http://www.mtgarc.ca/alexprasoulis or
    http://www.ilisttorontohomes.com/canada-mortgage-rates.html

    reply

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