Are readvancable mortgages benefitial?

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Icon Mini Profile sweepsplayer




Joined: 27 May 2007

Posts: 2

1.86 Dollars($)
PostPosted: Sun May 27, 2007 11:18 am    Post subject: Are readvancable mortgages benefitial?

Do you know anything about readvancable mortgages? I was reading up on them at zoobat dot com/?p=57 but am not aware of any banks in Canada that offer them. Any help?
Icon Mini Profile sarah




Joined: 19 Mar 2006

Posts: 25

5.06 Dollars($)
PostPosted: Sun May 27, 2007 11:37 pm    Post subject:

Hi Sweepsplayer,

Definitely, readvanceable mortgage is beneficial. This type of mortgage is divided into 2 parts. One part is called mortgage debt and another part is investment line of credit. While making payment to your mortgage, equally the amount gets re-advanced to the investment line of credit. Total interest amount accumulated in your investment line of credit get deduct from your taxable income.

Some Financial institutions (BMO, Scotia, and RBC) in Canada are offering this type of mortgage.

Thanks,
Sarah
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