How a mortgage secured Accessline of Credit Works
Once a line of credit is set up, it allows you to create your own loan at any time. You make the decision when to use the credit and how much to use, without needing to go to your lender. You'll only pay interest on the amount you use, so making bigger purchases with your line of credit rather than your credit card can save you on interest. That makes it useful for some of life's bigger purchases:
- for home renovations
- for your child’s education
- to pay off student loans
- to enjoy the vacation of a lifetime
- to winterize your cabin
- to invest for your retirement
- or maybe you just want to consolidate some debt