League Savings and Mortgage (Company Overview) - Canadian Mortgage Lenders
Credit union leaders decided in the 1960s that they had to start providing mortgage opportunities for the members of their companies. The Nova Scotia Credit Union League and other credit union leaders constructed the company League Savings and Mortgage. This was done through a special act of the Canadian Parliament in 1966. The company was started in 1968 in Antigonish, Nova Scotia, but is now located in Halifax, Nova Scotia, where it moved to in 1971.
League Savings and Mortgage offers several different financial products. These products are offered all throughout the country. The company also allows its customers to apply for their loan services, such as mortgages online.
Mortgage Features
League Savings and Mortgage offers mortgages for purchases including renovations, home renovation, and for new construction, there are home equity mortgages available as well. The company offers their mortgage customers various payment options, including frequency of payments. There are long term and short-term renewal options available for customers currently holding a mortgage. Additionally, mortgages from the company include property taxes.
The company offers several other features with their mortgages as well, including pre-payment privileges of up to double the principal and interest payments every month. There is also a 209% bonus payment option allowed annually, which is based on the outstanding balance and can be paid at any time throughout the year. For mortgages that are less than $150,000 there is no survey required. Additionally, the company has title insurance available for their customers.
Commercial Mortgages
League Savings and Mortgage also has products available for those planning to purchase commercial property. There are several different mortgage options available for commercial businesses. The mortgages will cover multi-residential, commercial buildings such as strip malls, office buildings, industrial buildings, and land for residential development.
In addition to the mortgages offered by the company, there are also several different savings and investment accounts available for their members.
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