Mortgages & Lending
Mortgages
Open And Closed 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.
Features
- Payments can be made weekly, bi-weekly, monthly, or semi-monthly, at the request of the member
- Our closed mortgage terms allow you to prepay a percentage of the original principal balance in each calendar year, subject to the terms of the mortgage agreement
- Canadian Mortgage and Housing Corporation insured mortgages available
- Life and disability insurance is available for your protection
Mortgage & 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 Osoyoos Credit Union.
Features
- You can qualify with a down payment of as little as 5% of the home’s purchase plus renovation costs
- Your renovation costs are disbursed once the work is complete, and repayment is included in your manageable, monthly mortgage payments!
Pre-Approved Mortgages and Loans
Overview
Secure the financing of significant purchases such as a home or automobile before finalizing the purchase. Being able to clearly understand what you can afford to spend, provides leverage during negotiations and gives the purchaser peace of mind. The pre-approved period is for a set time so that members know exactly what their interest rate and payments will be.
Features
- Secure the financing of significant purchases such as a home or automobile before finalizing the purchase
Mortgage Secured 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.
Features
- 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
Loans
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.
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
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.
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.
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
Osoyoos Credit Union introduces Collabria Visa
Overview
Along with the convenience of acceptance nearly everywhere around the world, the Collabria Visa card includes a wide range of built-in benefits.
Introducing Collabria Visa
Along with the convenience of acceptance nearly everywhere around the world, the Collabria Visa card includes a wide range of built-in benefits.
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.
Trick or Treat Main Street:
Business Participation
Help us host this popular Osoyoos holiday tradition! Sign up as a participating business to give out candy on Halloween and help us promote the event.
Once you register, we will reach out with posters and other promotional materials to engage your customers and supporters!
Thank you for all you do to support the community! If we can answer any questions about the event, please reach out to: contact@ocubc.com