Line of Credit
Compliments of lawyer "Stan Galbraith" Many clients are surprised when we tell them about a second mortgage. We ask: Do you have a line of credit? Yes, they say, but that’s not a mortgage. Our answer: Yes it is and it is registered on title; this means it must be paid out in full on closing. To avoid any doubt, get your clients to produce the most recent line of credit statement and remind them that if they spend anymore on the line of credit it all must be paid on closing.