关于贷款¶

1. 利息，固定/浮动
2. 每年允许的prepayment；eg. 余款的10%-25%，每月多付额度
3. 

Revolving debt 
- a loan with more flexibility about when to pay the money back
- ~ line of credit
- the maximum can be borrowed
- can borrow money whenever needed
- pay back flexibly

- a revolving line of credit secured against the equity of home
- home equity = the value of home - outstanding mortgage amount
- HELOC interest rates < personal lines of credit

- in Canada, HELOC cannot exceed 65% of home’s value
- with one exception, lender combines home equity line of credit limit with mortgage, the HELOC can amount to 80% of home’s value (with the mortgage accounting for 15%)

- HELOCs that have an amortizing mortgage portion often come with flexible monthly payment schedules
- If the HELOC is limited to a revolving loan, only obligated to pay the interest each month
- at any time, can pay back as much or as little principal

- Unlike a standard refinance, not required to break existing mortgage when considering a HELOC
- often simply add one on top of mortgage

- cheaper for a bank to fund a regular mortgage than a HELOC = much lower interest rates
- can’t re-borrow from regular mortgage
- Once make a principal payment with a mortgage, must refinance to get the money back out which can be expensive and inconvenient