Plainsview Credit Union Loans and Mortgages
Loans / Lines of Credit
Consumer Loans
Consumer loans,
also known as personal loans, are used to finance a variety of purchases, almost
all major acquisitions except the purchase of a home. You may apply for a consumer
loan, for example to pay for a stove, a car, a boat, new clothes, a vacation
or any addition to your home.
Line of Credit
Establish a Line of Credit with Plainsview Credit Union and assure yourself of ready cash when you need it.
A Line of Credit is an ongoing loan with one-time approval and is attached to your existing chequing account.
A Line Of Credit guarantees you:
- Instant Cash - You borrow by simply writing a cheque or by using your Member Card through ATM's or by using your
Global Payment card.
- Substantially lower rates than retail credit cards.
- Convenience - cash when you need it.
- Protection - against over-drawing your account or returned cheques
for inadequate funds
Quick Loans
A Plainsview Credit Union "Quick Loan" is a type of revolving credit that
you can access, without having to complete a new application and documentation.
The loan is established with a maximum credit that may fluctuate up and down
over the term of the loan and requires regular monthly payments.
RRSP Take 10 Loan
A Plainsview Credit Union Take 10 Loan is designed specifically to help you
to maximize your RRSP contribution room. As long as you are qualified for
this loan, you can borrow the full amount that is shown on your RRSP room
statement. We have a wide range of RRSP options to choose from and you can
take up to ten years to repay the loan. You will be required to make a minimum
monthly payment of $100.00.
Student Loans
In order to serve you better, Canada Student Loans will be administered directly
from the Government of Canada through the National Student Loans Service Centre
instead of through credit unions, banks and caisses popularies.
For general information about financing your education or to find out how
to apply for a student loan please visit the Canada
Student Loans website:
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Lending Tips
Skip Your
Payment
Do you ever feel that you could use a little extra cash? Or perhaps a winter
getaway is in your plans this year? Wouldn't it be nice if you could skip a personal loan payment to give you some extra money in your pocket?
You can! At Plainsview Credit Union, we value members who keep their loans
in good standing. To say thank you for being financially responsible, we are
offering our Skip-your-Payment option to members*. You may have the option
to skip one of the following on annual basis:
- one monthly payment, or
- Up to two consecutive bi-weekly payments or semi-monthly payments, or
- Up to four consecutive weekly payments.
The principal and interest on your personal loan will be carried
over to the end of the term and your skipped payment can be repaid at anytime.
Plus, no fee will be charged for this service.
For more information on this offer, please give us a call at 1-877-472-5222,
or stop by one of our convenient locations and put some extra money in your
pocket today!
* on approved credit
HOME BUYER'S TIPS
Effects of Weekly Payments
Making weekly payments could save you a great deal of money and cut years
off the life of your mortgage. Be sure to check with your financial institution
about what payment options are available to you and what effect these options
will have before you make a decision on your mortgage.
Prepayments
Making lump sum payments at least once per year or on a more regular basis
could save you valuable dollars and reduce the life of your mortgage. This
of course depends on the prepayment amount and on the terms of your mortgage.
Some mortgage agreements allow you to prepay all or a portion of the mortgage
before the end of the term or before the loan matures. Very often, a prepayment
penalty applies to compensate the lender for loss of interest expected on
the original life of the loan. When you negotiate your mortgage, be sure to
ask whether a penalty will apply.
Interest Rates
Comparing interest rates is fairly simple. Provided the conditions are the
same, a 71/2 % 5-year mortgage is obviously cheaper than a 73/4% 5-year mortgage.
But be sure to check the basis of the calculations. While most financial institutions
calculate interest on a semi-annual compounding basis, there are a few institutions
that also calculate mortgage interest using monthly compounding. Mortgage
interest calculated on a monthly compounding basis will cost you more in the
long run than mortgage interest calculated on a semi-annual compounding basis.
BORROWING TIPS
Before you visit a financial institution to inquire about obtaining a loan,
first make a thorough assessment of your current financial situation. Determine
in advance how much money you will need to borrow, how much you can afford
to pay (link to the calculator how much can I afford) each month and your
spending plan.
To save you time, print off this worksheet, fill it out and take it to your
branch when applying for a loan.
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HOME BUYER'S CHECKLIST
Making the Right Choice
Most major purchases require planning in order to obtain the best value per
dollar. The purchase of a new home may be the largest investment you make
in your lifetime.
It is important to obtain all the facts before deciding to purchase a new
home. Some factors to consider when purchasing your new home are:
- Value
- Location
- Price Range
- Physical Requirements
Think about these items before you begin looking. Ask yourself questions such
as:
Value: Is the area appreciating or depreciating in value?
Location: What areas do we prefer? Should we spend time driving around
neighborhoods first to determine which ones are right for us? Do we want to
live near work, schools, shopping, family, friends or public transportation?
Price Range: What price range can we afford? How much down-payment
do you have? How much monthly mortgage payment are you wanting to pay? Do
you have other debts?
Physical requirements: What do we require in our new home? How many
bedrooms? A garage? Are we buying a home to meet today's needs or our needs
in 3 to 5 years? What trade-offs are we willing to make? If we have a choice,
which is more important- the location or the features of the home?
PLANNING YOUR RENOVATION
If you are a homeowner who's watching the real estate market for larger space,
you might first weigh the benefits of investing time and money on improvements
to your current residence. Remaining in the comfort and familiarity of your
home and neighborhood may appeal to you and the cost of home improvements
may be reasonable.
The following five step can be used to determine the scope of your renovations:
1. Set priorities by consulting the whole family and consider whether
these needs will change over time.
2. Look at what you already have. If you need more space, perhaps a
more efficient floor plan will accomplish your goals. Refinish hardwood floor
instead of installing brand new carpet. Or modify existing kitchen cupboards,
rather than replacing them.
3. Plan the work to fit your budget. Choose less expensive materials and
consider your operating costs. Water-saving fixtures and energy-efficient
lighting are two ways to achieve long-term savings.
4. Save on labour. If you have the skills and the time you may be able
to stretch your money by doing some work yourself-such as landscaping and
painting. It is important to have a professional do any structural or mechanical
work to maintain the value of your home.
5. Finance your project. For the cost of smaller jobs, such as painting
a room, you may find that your credit card, line of credit or personal savings
can come in handy. But, when the project is too expensive to be paid for in
this way, you may consider a loan. And if you decide on a major home renovation,
you may find it more economical to add the cost to your existing mortgage.
Ask about a future advance on your mortgage.
Whether your home improvement is simply cosmetic or a major upgrade, Plainsview
Credit Union can provide information to help you make the best decision for
your property and your budget.
MORTGAGE SERVICES
Are you shopping for a new home?
An acreage?
Or is your mortgage renewing?
Let us pre-approve your loan or mortgage
"Apply Before You Buy"
A Plainsview Credit Union Pre-Approved Loan gives you the go-ahead
to go out and shop for the item you want, negotiate the best price and close
the deal on the spot. It's a smart way to make your major purchase.
Because your loan is pre-approved before hand, there are no hassles when financing
your purchase, no hidden fees and very competitive rates. It's that simple.
In most cases, you'll have your pre-approved loan in 2 business days.
Email us @ info1@plainsview.cu.sk.ca or call 1-877-472-5222 toll free or your local branch
MORTGAGE PROTECTION
Mortgage life insurance is an economical financial safeguard that can relieve
the financial pressure of mortgage payments in event of critical illness or
death. It is a time no one wants to happen. A serious illness strikes your
family, and with it comes many questions and worries. Will you recover? How
will it change your life? What happens to the financial well being of you
and your family?
It is always a wise idea to be prepared for life's uncertainties. Plainsview
Credit Union offers a wide range of mortgage protection coverage to suit your
individual nee
- Life coverage
- Critical illness coverage
- Disability coverage
Is mortgage protection for you? If you answer yes to any of the following
questions, mortgage protection is for you.
- Do you have family responsibilities and dependants who rely on your
income?
- Is your current life insurance too little to pay off your mortgage balance?
- Does your future financial priorities include educating children?
- Is your existing insurance too small to provide long-term income?
- Does your total debt load take more than 25 percent of your income?
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