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Hear Hot Property with Ozzie Jurock every Saturday morning between 8:30-10 am on CKNW AM980
Tip of the Week:
10/14/06
Credit line or Mortgage?
Often people take out credit lines not realizing that almost all banks report credit lines to your credit bureau...
Mortgages do not show up on your credit report.
So if you had a house of $600,000 ... and you owed say $200,000 the bank will give you a credit line of $400,000...and that's what your credit report will show ... $400,000 - a $400,000 debt.
If you took out a $400,000 mortgage it would NOT show...
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