A secured credit line is still a mortgage

Mourning

Be aware. If you’re selling, and you have a credit line that you borrowed against your house, this must be paid off. Factor it in to your bottom line so that you’re not shocked when the closing date comes around. And if you’re buying, be prepared to see it get registered against your new home – you get that nice low interest rate because your house is security. Legally speaking, it’s a mortgage, and the bank will treat it as such.

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn