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Line of Credit Loans

Have You Ever Wondered About the Benefits of Line of Credit Loans?

Line of credit loans leave your borrowing options open. Not only can you secure one that allows you to payinterest onlyfor many years, but these loans also allow you tobetter control the amount you borrowand, as a result, the interest you pay.

Did you know…

  • A line of credit loan works just like a credit card but has amuch lower interest rate.
  • You can use a line of credit loan toborrow cash or make purchases. No matter what you use it for, youpay interest only on the outstanding monthly balance.
  • Your income can be deposited directly into the loan account. This ensures that it is always working to reduce the balance and, therefore, the amount of interest you pay.
  • You can withdraw any amount of funds up to your approved credit limit.
  • Once you’ve paid the borrowed amount back, you canuse it again and again without re-applying.

Line of Credit Loans: Perfect for Investors

A line of credit loan is a popular choice for investors. Why? Because these loans can be interest only for a longer period than most traditional loans. This means the capital a borrower would otherwise have to free up and use to pay off loan principal can instead remain invested where it likely earns even more than the interest charged on the loan.

Line of Credit Loans: Perfect for Home Renovations

If you’ve ever renovated a home, you know that those initial quotes you get are about as accurate as the events that transpired in last night’s dreams. By securing a line of credit loan instead of a fixed refinance, you have ongoing access to funds so that you can handle any changes in price that your contractors give you. In fact, if you charge your whole available balance and then pay it off, you can access the same funds all over again without re-approval!

Pay off your mortgage faster with a line of credit loan

The interest on a line of credit is calculated on the daily balance of your loan. By setting up a direct deposit of your salary into the line of credit you can frequently reduce the balance of the loan and, therefore, the interest you pay. Over the course of your loan, this can save you thousands!

Our Freedom Loan qualified accountants can show you many other clever ways to cut the time it takes to pay off your mortgage. Just contact us to find out more!