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What’s the difference between a mortgage loan and home equity line of credit?

A mortgage loan lets you borrow the money you need to buy your home, which is then used as collateral for the loan. You repay the loan in installments, which include interest.

The All‑In‑OneTM Home Equity line of credit allows you to finance the purchase of your home and access the money you need for other projects without having to reapply for additional credit.

Not sure which is right for you? If you’re having trouble choosing between the two, there’s another option: our made-to-measure mortgage combines a loan portion and a line of credit portion. Speak with your mortgage advisor for more information.

 

Legal disclaimers

TM The All-In-One Home Equity line of credit is a trademark of National Bank.

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