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
  • Life insurance, critical illness and credit disability insurance are available through CUMIS to help ensure worry free borrowing in the event of a mishap*

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.

*Loan and mortgage insurance coverage is optional and is underwritten by Co-Operators Life Insurance Company. Supporting services, such as enrollment intake, medical underwriting and claims administration are provided by the employees of CUMIS Services Incorporated. Coverage is governed by the terms and conditions of the creditor’s group insurance policy issued to the creditor and is subject to terms, conditions, exclusions and eligibility requirements. See the Product Guide and Certificate of Insurance for full coverage details.

‚Äč

For more information on our loans and mortgages please contact us or to apply today click here.