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Prairie Pride Credit Union



Loans and Mortgages

CMHC Loans
(Canada Mortgage and Housing Corporation)

A residential mortgage is the security of "real property" that you give in exchange for money lent to you to buy a home. A mortgage constitutes a "lien" registered against your property. There are four types of mortgages.

  • Conventional - requires 20% of purchase price as down payment.
  • CMHC - a mortgage that is insured by the Canadian Mortgage and Housing Corporation. Up to 95% of financing is available.
  • Open - a conventional or guaranteed mortgage where a pre-payment can be made any time without penalty.
  • Closed - a conventional or guaranteed mortgage where a 10% pre-payment can be made at the regular payment date once during the calendar year.

The type of mortgage that's right for you depends on your own personal situation.

Personal Loans
Personal loans can be obtained from the Prairie Pride Credit Union for several purposes such as vehicles, household furniture, recreation vehicles and even RRSP's or other investments. Loans can be financed through a variable or fixed rate loan.

Revolving Credit
A revolving credit loan is a separate loan account which is linked to your chequing account. It provides temporary protection for the payment of a cheque where there is not sufficient money in your account. The approved limit is structured to your monthly income and no interest charges are payable if the service is not used.

Agriculture / Commercial Loans
Credit may be required to earn income whether from a farm, small business or investment.

Revolving Credit / Operating Loan
Pre-arranged revolving credit is available to qualifying farms or businesses to borrow up to the determined limit without the need to arrange separate loans. Operating loans can be for specific amounts and terms or can be advanced as an available line of credit or a combination of both.

Term Financing
Mortgage and non-mortage term financing is available for the acquisition of assets, usually land, buildings, equipment and vehicles to be used for agricultural or commercial purposes. Government guaranteed loans are also available to save you money.
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