Mortgages

CreditMaster Mortgage

The CreditMaster® Mortgage is a re-advanceable mortgage that gives you financial flexibility and the ability to draw on funds when needed. This is a perfect product when purchasing a new home and / or property or when transferring your existing mortgage to Aldergrove Credit Union.  In one transaction, you can borrow against the equity in your home for many purposes such as:
  • Renovations
  • A new car
  • A vacation home
  • Education
  • Travel
  • Investments

All are within reach at first mortgage rates. An unlimited number of credit facilities can be created under one CreditMaster Mortgage.

The features of our CreditMaster Mortgage are:

  • Secured by real estate holdings
  • Conventional mortgages up to 80% of value
  • CMHC and Genworth high ratio, insured mortgages available – up to 95% of value
  • Re-advanceable
  • Portable to another piece of property
  • Construction draw mortgages
  • Choose from mortgage terms of:
    • Closed fixed rate terms of six month, one to five, seven and ten year
    • Closed variable rate term of five years
    • Open term of one year fixed or variable
  • Loans and / or PrimeLines can also be set up under this facility
  • 90 day rate guarantee
  • Creditor insurance available to protect members in the event of sickness, injury or death
  • ACU pays transfer in costs when transferring a mortgage from another financial institution *conditions may apply
  • Flexible payment frequency: monthly, semi-monthly, bi-weekly or weekly

The benefits are:

  • Help you reach your goal of owning a home
  • You can borrow against the equity in your home for many purposes - home renovations, vehicle, recreational property, investments, vacation
  • Works with your unique situation and budget
  • Offers flexibility with convenient payment options and schedules to maximize interest savings
  • Provides financing options for both conventional and high ratio borrowers
  • Save time and money with convenient one-time registration - avoid paying extra legal fees for future borrowing
  • Easily manage a number of concurrent loans under one CreditMaster Mortgage including loans and lines of credit
  • Payment protection option protects credit and assets
  • Prepayment privileges on closed mortgages allows you to pay up to 20% of the original principal at any time during the year (minimum installments of not less than $1,000) and increase payment up to 20% of the original payment amount annually
  • Blend and extend option on closed mortgages avoids penalties while allowing members to refinance or take advantage of lower rates
  • Eligible for memberSHARE Rebate on Loan Interest*

*While ACU has consistently paid over 14 million in dividends and rebates to members since 2007, please note that dividend, bonus and rebate percentages are announced annually and payment is not guaranteed. A minimum of a $5 payment per account is required to receive payment.

 

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