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!