Taking on a mortgage is one of the biggest financial commitments you’ll ever make. As part of our promise to help you make the best choices possible, we offer a residential mortgage that flexes to your needs. You can use a Residential Mortgage from Union Bay CU to:
- buy your first home
- upgrade to a new home
- build a home
- refinance your current home
- purchase a vacation or revenue property
Our Residential Mortgages:
- are available as a conventional, CreditMaster, construction or CMHC insured mortgage
- provide financing up to 95% on CMHC and 80% on conventional mortgages
- come with flexible repayment and prepayment options
- offer amortization up to 30 years
- offer fixed terms from 6 months and 1-5 years
- can come with the added security of insurance
As with everything we offer our members, Union Bay CU residential mortgages are all about flexibility, choice and options.
Personal Line of Credit
A Personal Line of Credit allows you to write your own loan as your life requires it. You can access your funds anytime by withdrawing up to your approved credit limit. You pay interest only on the amount you borrow. And you only have to apply once. When you pay off your line of credit it automatically renews itself, so the money's there when you need it.
Our Personal Lines of Credit:
- can be fully secured or unsecured
- can be protected with life, critical illness and disability insurance
- come with no administration or standby fees
Whether you need extra cash for traveling, renovating, car repairs, big purchases or to act as a cushion when your funds are running low, a Personal Line of Credit from Union Bay CU could be the best solution for you.
- fully secured loans available starting at prime rate
- unsecured loans at competitive rates
- Life and Disability Insurance available
- flexible repayment options
- 1 to 10 year terms
RRSP Loans and Lines of Credit
- re-advanceable RRSP Loans - maximum limit $7,500
- 1 & 2 year terms available
- rates starting at Prime less 1/2% and vary with terms and type of loan
RRSP Catch-up Loans
Maximum limit of $25,000
3 to 10 year terms available
RRSP Lines of Credit
Maximum limit of $25,000
LOC is limited to RRSP purchased RRSP conventional loans
1 to 5 year terms
RRSP investments must remain with UBCU until borrowed funds are paid in full.
Lending Services & Fees
Automatic transfer payment options: weekly, bi-weekly, bi-monthly and monthly payments available.
- application fee $35 (minimum)
- CreditMaster new advance $175 (this includes the title search fee)
- commercial loans 1% of value
- letters of credit 1% of value
- annual commercial credit review $100
- 1 year PPSA registration $85 min.
- 2 year PPSA registration $95 min.
- 3 year PPSA registration $105 min.
- 4 year PPSA registration $115 min.
- 5 year PPSA registration $125 min.
- over 5 year PPSA registration $135 min.
- title search $50
- insurance cancellation $25
- VIN search $25
Real Estate Mortgages
- appraisal at cost
- site survey insurance $100
- credit union inspection fee $75
- member requested mortgage modification $250
- mortgage renewal $85
- duplicate certificate of title $100
- solicitor fees at cost
- mortgage discharge $100
- construction mortgage administration fee $500
- mortgage re-advance $200
Delinquent Loan and Mortgage Fees
- late fee $25
- first late payment notice or phone call $10
- second late payment notice $20
- third late payment notice $30
- payment alteration $25
- manual payment on delinquent loan $15