Alterna Savings (Company Overview) - Canadian Mortgage Lenders
Alterna Savings & Credit Union Ltd. (Alterna) is the product of a 2005 merger between Metro Credit Union and CS Co-Op. Alterna currently serves 150,000 members via 22 branches located throughout Toronto, Kingston, Ottawa, North Bay and Pembroke. Alterna Bank is a major adjunct to the Alterna Savings credit union. Collectively, the two corporate entities are known as the Alterna Financial Group.
1. Cash Back Mortgage
With its optional 5% cash rebate of total loan principal, these home loans offset short-term cash crunches which down payment outlays often create. Alterna’s Cash Back Mortgages also have fixed rates.
With this loan, you may choose up to 6 long-term, short-term, open and closed terms, within a single mortgage.
3. Multi-Option Mortgage (MOM)
A MOM may be structured as a home equity line of credit with variable interest, or an instalment loan with either a fixed or variable interest rate. As your home equity increases with the passage of time, you may access loan proceeds at your convenience.
4. Self-Employed Mortgage
This home loan is ideal for business owners, professional practitioners, and commissioned sales professionals. Mortgage terms may be custom-tailored to suit your personal needs and income pattern. No complicated applications are required. Approval is based upon your personal credit history – not that of your business or practice.
Savings, Investment and Retirement Plans
In addition to online and offline banking, Alterna offers a huge selection of deposit accounts for its members. Terms that vary from 18 months to 5 years with redeemable and nonredeemable options are included. Alterna’s tax-advantaged RRSP, RRIF and RESP accounts facilitate exponential growth of your nest-egg.
Special Shares Offerings
Periodically, Alterna Saving’s members may purchase specialized shares in their credit union. These investment vehicles are offered as both Class A Special Shares, Series 1 and Class A Special Shares, Series 2.
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