Readvanceable Mortgage

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A mortgage with a line of credit that lets you reborrow from the line of credit after you down the mortgage portion.

Depending on the lender, the line of credit limit can be increased automatically as the mortgage principal is paid down, or increased manually by the borrower re-applying.

Readvanceable mortgages provide homeowners with a low cost source of borrowing for renovations, investing, business use and emergencies, among other things.

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