The CreditMaster®
At OCU, we’re famous for our top-notch service and local expertise. But what you might not know is that our CreditMaster mortgage is a game-changer and a favourite among our members, who love how it meets their unique and changing needs. Here, we answer your questions about OCU’s CreditMaster mortgage.
What is the CreditMaster® Mortgage?
The CreditMaster® Mortgage is truly unique mortgage because it’s flexible and re-advanceable. What that means is, as you pay down your mortgage and as your property value increases, your borrowing power also increases. So, the money you put into your mortgage today can still be used tomorrow.
How does this differ from the traditional mortgages offered by other financial institutions?
Typically, other financial institutions register a set amount for a mortgage. For example, if your mortgage is registered for $400,000 and you owe $300,000, you have $100,000 in equity. You might be able to borrow against that equity, but if you need more funds, you usually have to go through a re-registration process, which can incur additional legal fees. With our CreditMaster® Mortgage, as long as there is equity in your home, you can re-advance funds without those extra legal fees or the associated hassle.
How do Interest Rates and Terms Work with the CreditMaster Mortgage?
One of the standout features is the ability to blend short-term low-interest rates with long-term rate stability. This means you can segment your mortgage into different terms, rates, and lengths, even staggering the maturity dates. You can choose between variable, fixed, or a combination of rates, which allows for greater flexibility in managing your debt and paying off your mortgage faster.
What about managing multiple loans? How does the CreditMaster® Mortgage handle that?
You can manage a number of concurrent loans under one CreditMaster® Mortgage, including lines of credit. This simplifies everything with a one-time registration and application for multiple credit needs. Plus, any future loans or increases can be done in-house, saving you time and avoiding extra legal fees.
What kind of scenarios can this mortgage help with?
The possibilities are endless! You can consolidate debt, fund your child’s education, renovate your home, or start a new adventure. Essentially, the CreditMaster® Mortgage gives you the freedom to use your borrowing power as you see fit, whether that’s for planned expenses or unexpected needs.
Are there any additional benefits that members should be aware of?
Yes, there are several. OCU offers preferential rates on all borrowing, flexible payment schedules tailored to individual needs, and optional creditor insurance to secure your investment. Plus, you can take advantage of the ability to repay larger amounts of your loan without paying a penalty, by balancing short-term and long-term rates.
How can I find out more?
Book an appointment with one of our mortgage experts! Call 250-495-6522 or visit our website to book. And of course, they can always stop by one of our branches to book!