Community Savings Credit Union (Company Overview) - Canadian Mortgage Lenders
Community Savings Credit Union has been in business for almost seventy years, and has always provided some of the industry’s most flexible and innovative mortgage options to their members. This tradition of competitive rates and customer service continues to this day.
Loan Options
Community Savings Credit Union allows members to finance up to ninety five percent of what their home is appraised for and they even allow the down payment to be borrowed in some cases. Its members can also benefit from lower payments by amortizing their mortgages for up to thirty years. This can often help people to afford a bigger home as well, or save money for future large purchases such as a second home or car, or university tuition.
The average mortgage terms are six months to five years, with either a fixed or variable rate. Payments are scheduled weekly, bi-weekly or even monthly. Community Savings Credit Union gives their customers the opportunity to pay off thirty percent more of the original balance each year, and these pre-payments can be made several times throughout the year, and each year customers can also increase their payments by up to double the original amount.
Every year customers are allowed to skip one payment, which can be very convenient if money is tight in a particular month, such as during the holidays. Homeowners can also transfer their current balance, rates and terms to a new property. Early renewals are also possible up to one hundred and twenty days before your mortgage matures, and if you decide to renew early you can do so without penalty. Your rate will be guaranteed for one hundred and twenty days after you are approved. You will also be protected by mortgage insurance so you won’t have to worry about unforeseen events such as natural disaster or fire.
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