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Personal
Loans |
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| We
can provide personal loans for most consumer needs. Whether it be
a new car, a family vacation, debt consolidation and an investment,
we can design a loan and repayment program to meet your requirements. |
| The
maximum personal loan of $250,000 with up to 5 years to repay meets
the needs of most members. For larger loans see the section on Home
Equity Lines of Credit. Repayments
can be tailored to your needs whether it be weekly, bi-weekly or
monthly.
By timing your payments to match your payroll or direct deposit
cycle you can minimize your interest costs. Additional payments
can be made against a loan at anytime in order to retire the debt
more quickly.
Loans are set as variable rates unless otherwise specified. Life
insurance and credit disability insurance help insure worry free
borrowing in the event of a mishap.
A
loan manager at each of our branches is available to assist
you in your needs. |
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Line
of Credit |
 Calculate
your monthly payments. |
| A
Line of Credit Loan is a convenient loan you can use any time you
need extra money. Available from $200 to $10,000 it serves as a revolving
credit that you can draw on at your convenience without having to
reapply each time. Many people use it for temporary overdraft protection
on their Personal Chequing Account or to finance more significant
purchases instead of putting the purchase on a credit card..
Interest
is calculated daily on only the outstanding balance. Monthly repayments
are set at 3% of outstanding month end balances. Transactions are
listed on the monthly statements that are sent to members. One application
will set up a Line of Credit that you can use for years. |
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RRSP
Loans at Prime |
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| RRSP
loans are available at an excellent rate any time you wish to open
up an RRSP at the Credit Union. This will insure that you are making
your RRSP contributions and that you receive your tax deduction advantage.
Any tax refund can be used to pay down the loan and reduce carrying
costs. |
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Home
Equity Line of Credit |
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| You
can use the equity in your house as collateral for a loan up to $360,000. |
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Mortgages |
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| First
and second conventional mortgages are available up to 80% of the appraised
value of your home . Mortgage life insurance
is available at a nominal cost.
Mortgages
are available from 6 month term to 5 year.
Our
10+10 option allows you to repay up to 10% annually off the principal
and /or increase your regular mortgage payment by up to 10% during
the term of your mortgage.
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CMHC
Mortgages |
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| We
offer CMHC insured mortgages that can put you in your own home for
as little as a 5% down payment. Ask us for details. |
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