interest on revolving LOC
- Thread starter JoefromTO
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I think they are always variable. I can`t remember ever seeing a fixed rate option for the LOC portion of the mixed product.
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QUOTE (JoefromTO @ Sep 18 2009, 02:33 PM) When setting up a mortgage that has a revolving LOC, does the LOC portion have to be variable or can it fixed?
Although the minimum monthly payment is interest only and will fluctuate with the balance owing. You can set your banking up so that a fixed payment is applied against the Secured Line of Credit each month, this effectively acts like a "fixed payment" with every dollar above the minimum interest amount being automatically applied against the principle.
Although the minimum monthly payment is interest only and will fluctuate with the balance owing. You can set your banking up so that a fixed payment is applied against the Secured Line of Credit each month, this effectively acts like a "fixed payment" with every dollar above the minimum interest amount being automatically applied against the principle.