Super Mortgage - Conventional

A mortgage loan product which gives borrowers the flexibility to readvance funds based on a pre-approved limit, along with other benefits.

Convenience: Expand/Collapse

"You will be able to readvance to your approved limit whenever you need the funds."
- Readvanceable (funds can be borrowed again on principle paid - up to a pre-approved limit).

"You don't have to spend time applying or waiting for another loan approval."
- Pre-approved funds for future needs.
- Funds advanced by phone, email or in person.
- Payments can be set up to be automatic.

Cost Savings/Earnings: Expand/Collapse

"You pay fees for the initial loan setup. There will be no charges for advances in the future."
- One time set-up fee.

"You will receive the current mortgage rate regardless of what you're purchasing."
- Non-mortgage purchases at mortgage rates.

"You are eligible to share in the credit union's profits."
- Eligible for the ProfitShares program.

"You keep more money in your pocket."
- Free mortgage renewals.
- 20% annual pre-payment option for fixed term loans.
- No pre-payment penalty for variable rate loans.

Flexible: Expand/Collapse

"You have the flexibility of choosing different repayment options for different parts of your mortgage."
- Multiple Repayment Options, including:

  • Payment frequency
  • Fixed or variable rate options
  • Blended (principal plus interest) or interest-only payment options available

Peace of Mind: Expand/Collapse

"You can protect your assets and your family."
- Loan payment protection available:

  • Life
  • Disability
  • Critical illness
  • Loss of employment

Additional Information:

With the Super Mortgage, when you need additional funds, you can readvance funds through a Super Quick loan, up to a pre-approved amount. Once established, the primary Super Quick loan credit limit can be split into as many as five additional sub-loans.

For example: Approved Super credit Limit - $100,000.

  • Sub-loan for car purchase - $30,000, 3-year term, fixed rate.
  • Sub-loan home renovations - $25,000, 10-year amortization, 5-year term, variable rate. This option can be pre-paid with no penalty.
  • Sub-loan operating expenses - $5,000Line of Credit limit, variable rate. This option can be pre-paid with no penalty.
  • Sub-loan for vacation - $25,000 quick loan, variable rate.  This option can be pre-paid with no penalty.
  • Future sub-loan available - $15,000.

Who might benefit from this product/ service?

For members who require access to additional funds.

Key Resources & Tools

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