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Mortgages & Lending

OCU Mortgages

Limited time offer! Unlock low mortgage rate with OCU’s bundle promotion. See offer details.

Personal Mortgages

Overview

Osoyoos Credit Union has been providing a variety of mortgage plans to its members for seventy-five years. These include open and closed mortgages, in variable or fixed rates, with a variety of terms and amortizations.

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Features

  • Flexible payment schedules – Fit your mortgage to your budget with the option to pay weekly, bi-weekly, monthly or semi-monthly.
  • Fixed or variable rate – Lock in your interest rate for the term of your mortgage or get a lower rate that shifts with the market. The choice is yours!
  • Variety of term lengths – Tailor your mortgage to your life plans with term lengths from 6 months to 7 years.
  • Available as a CMHC insured mortgage.
  • CreditMaster® Mortgage – Flexible access to your home equity in the future.
  • Purchase + Improvement loans available
  • Mortgages for Recreational and Acreage Properties available.
  • Available for owner occupied or investment/rental properties.
  • Life and disability insurance is available for your protection.

Recreational Property Mortgages

Overview

If you’re looking to finance a cottage, ski cabin, or other getaway home, our recreational property mortgage can help!

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Features

  • Flexible payment schedules – Fit your mortgage to your budget with the option to pay weekly, bi-weekly, monthly or semi-monthly.
  • Fixed or variable rate – Lock in your interest rate for the term of your mortgage or get a lower rate that shifts with the market. The choice is yours!
  • Variety of term lengths – Tailor your mortgage to your life plans with term lengths from 6 months to 7 years.
  • CMHC-insured mortgage availability or requirement will depend on the property. Ask an OCU Mortgage Specialist for more information.
  • Down payment requirements vary, depending on the property. See our Specialty Property sheet for more information about specialty properties in Osoyoos.
  • Line of Credit not available as part of CreditMaster mortgage on Recreational Properties.
  • Purchase + Improvement loans available.
  • Available for owner occupied or investment/rental properties.
  • Life and disability insurance is available for your protection.

Construction Mortgages

Overview

If you’re planning to build your dream home and want a mortgage designed specifically to help make that happen, our construction mortgage can help!

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Features

  • Guaranteed rate ­– Lock in the best fixed mortgage rate prior to construction, so you can build your home with financial peace of mind.
  • Flexible payment schedules – Fit your mortgage to your budget with the option to pay weekly, bi-weekly, monthly or semi-monthly.
  • Fixed or variable rate – Lock in your interest rate for the term of your mortgage or get a lower rate that shifts with the market. The choice is yours!
  • Variety of term lengths – Tailor your mortgage to your life plans with term lengths from 6 months to 7 years.
  • Available as a CMHC insured mortgage.
  • CreditMaster® Mortgage – Flexible access to your home equity in the future.
  • Available for owner occupied or investment/rental properties.
  • Life and disability insurance is available for your protection.

Home Equity Line of Credit

Overview

A mortgage secured line of credit enables you to use the equity you have acquired in your home to purchase investment property, top up your RRSP and many other options.

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Features

  • Benefit from higher credit limits and lower interest rates because the HELOC is secured by your home.
  • Re-advanceable – Access your home equity anytime. Once you have a HELOC, you can use the funds whenever you want without the need to reapply.
  • Easy access – Access the funds in your HELOC in the same way as a chequing account – online, in-branch or over the phone.
  • Protect yourself with creditor insurance.
  • The line of credit requires monthly interest only payments calculated on the closing daily balance and charged monthly, directly to the account.
  • Availability subject to regular lending criteria.

Purchase + Home Improvement Loan

Overview

If you don’t have the extra money to tackle home improvements in advance, Purchase Plus Improvements (PPI) can fund your renovations upfront! Start by securing a PPI-qualifying mortgage from OCU.

Learn more

Features

  • Qualify with a down payment of as little as 5% of the home’s purchase plus renovation costs
  • Renovation costs disbursed once the work is complete, and repayment is included in your manageable mortgage payments.
  • Flexible payment schedules – Fit your mortgage to your budget with the option to pay weekly, bi-weekly, monthly or semi-monthly.
  • Fixed or variable rate – Lock in your interest rate for the term of your mortgage or get a lower rate that shifts with the market. The choice is yours!
  • Variety of term lengths – Tailor your mortgage to your life plans with term lengths from 6 months to 7 years.
  • Available as a CMHC insured mortgage.
  • CreditMaster® Mortgage – Flexible access to your home equity in the future.
  • Mortgages for Recreational and Acreage Properties available.
  • Available for owner occupied or investment/rental properties.
  • Life and disability insurance is available for your protection.

Loans

Personal Loans

Overview

Personal loans can be made for a variety of purposes. They may be secured or unsecured. We offer competitive rates which can be either fixed for the life of the loan or variable. If you have a need, we have a loan to suit you.

Book an Appointment Today

Features

  • Our personal loans allow you the flexibility of paying out the loan, in whole or in part, at any time without penalty
  • Payments can be made weekly, bi-weekly, semi-monthly or monthly, with terms and amortization available to meet our member’s needs
  • Credit life and disability insurance is available for pennies a day

Line of Credit or Overdraft Protection

Overview

A revolving credit, once approved, can fluctuate within the authorized limit. It’s attached to a member’s chequing account and is automatically accessed through cheques, ATM, in-branch withdrawals, POS, Global Payment Card or pre-authorized debits, all of which will increase the balance while deposits will reduce the balance.

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Features

  • Interest is calculated on the closing daily balance and charged monthly based on the amount utilized, not the approved amount
  • Available on both personal and commercial accounts

Educational Line Of Credit

Overview

Designed specifically to assist in covering the cost of attending a post-secondary institution. Funds can be used for living expenses, tuition and books. The student and /or co-signer will be required to meet the normal lending criteria required by Osoyoos Credit Union.

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Features

  • The line of credit will require monthly interest payments during the time the student is attending a postsecondary institution
  • The line of credit will bear an interest rate of Prime
  • Within twelve months of completion of studies, the line of credit will be converted into a term loan with regular monthly payments. The interest rate will be changed to prime plus 1%, with monthly payments amortized over a maximum term of 15 years
  • These loans will be reviewed annually and payments are to be adjusted annually as required to ensure payment in full of the loan within the original amortized term

If you’re feeling overwhelmed, we’re here to help.

Talk to one of our experienced financial advisors for one-on-one help and discover the best way to move forward.

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