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Whats the difference between a line of credit and a standard home loan?

April 26, 2017difference home loan line of credit standard

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Whats the difference between a line of credit and a standard home loan?

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A standard home loan has a set term. You can generally choose to pay principal and interest or interest based for a period of time. The loan must be paid off within the agreed term. A Line of Credit is an approved limit that can be drawn on at any time. There is no set term and the minimum repayment required is interest and fees only. Learn more about our line of credit loan, Portfolio Loan.