Kelleway Mortgage Architects

A line of credit is an agreement by a financial institution to loan money to a borrower up to an agreed upon maximum. Interest is only charged on the money that is actually withdrawn from the line of credit.

With a secured line of credit, the loan is secured by the equity you have in your property. This self-managed form of credit allows you to have access to the money you need, when you need it.

If you make a number of payments each month - such as a credit card payment, a loan payment, or a payment to a retail outlet - you may want to look into consolidating this debt into one payment through a line of credit.