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SEARCH
| PRIME |
3.000 % |
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Savings Deposit Accounts |
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$0.00 - $4,999 |
0.050% |
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$5,000 - $14,999 |
0.050% |
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$15,000 - $34,999 |
0.100% |
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$35,000 - $59,999 |
0.100% |
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$60,000 plus |
0.100% |
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| Super Agricultural Business Mortgage |
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Product in a Nutshell: (What is it?)
A mortgage loan product that provides agriculture or commercial borrowers the flexibility to readvance funds based on a pre-approved limit , as well as other value-added benefits.
Benefits
Features
Convenience: “You will be able to readvance to your approved limit whenever you need the funds.”
“You don’t have to spend time applying or waiting for another loan approval.”
- Readvanceable (funds can be reborrowed on principle paid - up to a pre-approved limit)
- Pre-approved funds for future needs - Funds advanced by phone, email or in person - Payments can be set up to be automatic
Cost Savings/Earnings: “You only pay fees for the initial loan setup, future advances are no charge.”
“You may share in the credit union’s profits.”
“You have an opportunity to have more money in your pocket.”
- One time set up fee - Non mortgage purchases at mortgage rates - Eligible for ProfitShares program
Free mortgage renewals
20% prepayment option annually on fixed term loans
No prepayment penalty on variable rate loans
Flexible: “You have the flexibility of choosing different repayment options on different portions of your mortgage.”
- Multiple Repayment Options, including:
- Payment frequency
- Fixed or variable rate options based on term
- Flexible terms
- Blended (principal plus interest) or interest only payments available
Peace of Mind: “You can protect your assets and your family in light of unforeseen events.”
- Loan Insurance available:
- Life
- Disability
- Critical Illness
- Loss of Employment
Immediate or detailed information: “You have multiple ways of accessing account information or history.”
- In branch assistance
- Immediate access via online banking, telephone banking or mobile services
- Monthly detailed statements
Additional Information:
- With the Super Mortgage, when you need additional funds, you can readvance funds up to a preapproved amount through a Super Quick loan. Once established, the primary Super Quick loan credit limit can be split into as many as 5 additional subloans. For example: Approved Super credit Limit - $100,000
- Sub loan for equipment purchase - $30,000, 3 year term, fixed rate
- Sub loan business renovations - $25,000, 10 year amortization, 5 year term, variable rate. This option can be prepaid with no penalty
- Sub Loan operating expenses – Line of Credit limit $5,000, variable rate-this option can be prepaid with no penalty
- Sub loan for conference/ training - $25,000, quick loan, variable rate – this option can be prepaid with no penalty
- Future sub loan available $15,000
Who might benefit from this product/ service?
For agriculture and commercial members that require access to additional funds within their mortgage.
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