Mortgages & Lending

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!

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

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

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

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

Overview

Along with the convenience of acceptance nearly everywhere around the world, the Collabria Visa card includes a wide range of built-in benefits.