Putting your home equity to work,
Will that be a home equity line, collateral, or top-up mortgage?

As a homeowner, you may be considering a home renovation project like building a deck or doing some landscaping. Maybe you want to upgrade your appliances or plan a vacation getaway. Whatever your goal, The Credit Union has a mortgage option to help make it happen.

Both our Collateral Mortgages and Home Equity Lines offer great rates in this low interest environment, flexible payment options, and first and second mortgages are available. Here are some of the benefits of each type – you decide!

Collateral Mortgage

• Funds are advanced all at once
• Amortized up to 20 years with a specific amount
• Borrow up to 75% of the appraised value of the home
• No administration fee on new mortgages – you pay only your appraisal and legal fees

Home Equity Line

• Funds are approved to a specific limit and can be used over and over again, allowing you to control the funds
• Interest only based on the amount outstanding – you only pay for what you use
• Borrow up to 60% of the appraised value of the home
• Low, one time set up charge

Come in and talk to your Personal Account Manager who will help you choose the mortgage option that’s right for you!