MORTGAGES AND LOANS
> Lines of Credit
A Saugeen Community Credit Union Line of Credit is useful for many purposes including home renovations, major purchases, paying off higher interest credit card balances, financial emergencies and more.
When approved for a line of credit, you can borrow up to your credit limit through writing a cheque, withdrawing cash or transferring funds to your account.
Interest Rates
Variable interest rates rise and fall with changes in the Saugeen Community Credit Union Prime Rate.
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> Unsecured Business Funding
Saugeen Community Credit Union offers short term financing and small business funding options for terms of 3-6 months. Typically these loans are based on your cash flow. They are unsecured businesses advances on your monthly accounts receivables. We have relationships with the following business funders who will underwrite your advance: Entrust Business Funders, Advantage Restaurant Funding and Get Business Advance Approved. Each funder has different criteria when determining how much to fund. You will need to visit one of our branches and fill out a 1 page application.
> Personal Loans
Saugeen Community Credit Union offers fixed- and variable-rate loans with terms of up to five years. A fixed-rate loan has a fixed interest rate for the term of the loan. A variable-rate loan has a fluctuating interest rate leveraged against our prime lending rate. This kind of loan has your payment amounts fixed with the time it takes to pay off your loan varying depending on interest rates.
Personal Loan Features
• Make extra payments or pay off the loan at any time, without penalty
• Wide range of payments options (weekly, bi-weekly or monthly)
• Interest is calculated on the declining loan balance
• Lower interest rates than high interest credit cards
• Option to add disability and life insurance to your loan payment for added security – in the event of death or disability, this insurance either pays off all or a portion of your debt
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> Collateral Loans
• Fully secured loans with negotiable securities as collateral
• Fixed or floating rates available
• Interest only payments on a monthly basis offered
• Fully open for prepayment at any time without penalty
• Member paid life and disability insurance available
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> Commercial & Agricultural Loans
• Competitive interest rates
• Flexible terms and amortizations
• Fixed or variable rates available
• Member paid life and disability insurance available
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> RRSP Loans
Saugeen Community Credit Union offers personal loans for RRSP contributions. The money you borrow to invest will grow tax-free together with the rest of your RRSP investments.
RRSP Loan Features
• A fixed payment schedule makes a personal loan ideal for catching up on missed contribution room from previous years
• Based on a 12 month repayment schedule
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> Mortgage Equity Line of Credits
• Your property may be used as additional security for a line of credit for any purpose such as renovations, construction, vehicles, etc.
• Maximum advance is 80% of the appraised value of the property
• Fixed or floating rates based upon our prime rate
• Flexible repayment options are available
• Fully open for prepayment at any time without penalty
• Member paid life insurance available
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> Mortgages
We offer a variety of mortgage options at competitive rates. Your Saugeen Community Credit Union representative can help you choose the option best suited to your needs.
Conventional mortgage – With a down payment of at least 20% of the purchase price of the property, you can qualify for a conventional mortgage. We offer fixed and variable interest rates with closed or open privileges. Open privileges let you prepay any amount, at any time, with no penalty.
Fixed rate closed mortgages – These mortgages give you the security of knowing that your interest rate won't change during the term you select. Terms range from six months to five years with the option to prepay 15% of the original amount any time through the calendar year. Plus a double up payment option.
Variable rate mortgages – Take advantage of interest rate fluctuations with open and closed variable rate mortgages. Your payment amount stays the same when rates change. However, the amount that is applied toward interest and principal changes. Convert to a fixed rate mortgage that is equal to or greater than the remaining term on the mortgage. Convert to a variable rate mortgage at any time. The Saugeen Community Credit Union sends out renewal review each 6 months to ensure payment is sufficient based on the original amortization.
Construction mortgage – Draw on funds at various stages of construction if you’re building your new home. Interest is charged on the money you receive – instead of the whole mortgage amount – so you pay less interest. The construction mortgage automatically converts to a regular mortgage once your home is completed and an occupy permit is issued.
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* 1) A minimum balance of $2000.00 is required each day in the month in order to receive interest. Interest is not paid for the month in which the account is closed
* 2) Interest is not paid for the month in which the account is closed