Line of credit or mortgage?

I have a mortgage that is up for renewal soon. As the rates are coming down, I am planning to go with open variable mortgage. Also, I will move to new house during summer. Most banks in Canada charge a fee (in addition to legal fees, discharge fee, etc) for early renewals and one bank offered me Line of Credit for the same rate which is same as Open variable rate. Also, I was told that for LOC, admin fee is around $80 and I don%26#039;t have pay any other fee if I go for another mortgage during summer.

I want to know whether I am going to pay more interest (i.e. 6 months) with LOC when compared with Open variable mortgage. Also, with LOC, will my principal go down as with a mortgage?

Line of credit or mortgage?

Based upon others judgement will not get the wise decision.However,other%26#039;s suggestion might be helpful.Here is a good resource for the question.http://mortgage.onlineidea.info/eloan-mo...