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CTV Morning Live: Mortgage Minute - April 28

Date Posted: April 30, 2015

On this week's episode of the Mortgage Minute, Frank Napolitano discusses the different mortgage options available to you when planning to purchase a new home. Some of these include a HELOC (home equity line of credit(, fixed mortgage loan or a variable mortgage loan. Frank suggests not starting out your mortgage with a home equity line of credit as interest rates are higher than the fixed or variable mortgage rates, by almost a whole percent. A HELOC is great for having the funds available to complete renovations or for emergency situations. Your monthly payment is typically interest only, so you aren't reducing the outstanding balance by paying the minimum payment.

It is important to discuss all details of your mortgage with a professional. Contact one of our Mortgage Brokers for advice.

Click here for the full video.