We offer a range of loans and mortgages to suit your needs
Personal Loans:
- We can provide personal loans for most consumer needs
- Whether it be a new car, a family vacation, debt consolidation or 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
Personal Line of Credit:
- A Line of Credit Loan is a convenient loan you can use any time you need extra money
- Available from $500 to $10,000 this 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
RRSP Loans at Prime:
- RRSP loans are available at an excellent rate any time you wish to open up an RRSP at the Credit Union
- This will ensure 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
Home Equity Line of Credit (HELOC):
- You can use the equity in your home as collateral for a line of credit up to 80% of it’s value
- Interest is calculated daily on only the outstanding balance
- Click here for more information on our HELOCs
- Transactions are listed on the monthly statements that are sent to members
Mortgages:
- First and second conventional mortgages are available up to 80% of the appraised value of your home
- Mortgages are available for terms of 6 months to 5 years
- 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
- Mortgage life insurance is available at a nominal cost*
- We also offer CMHC insured mortgages that can put you in your own home for as little as a 5% down payment. Ask us for details.
For more information on our loans and mortgages please contact us or to apply today click here.