 Overdraft Protection
- A specific overdraft protection on regular chequing accounts which prevents cheques being returned because of insufficient funds
- Avoids NSF charges
- Interest is calculated on the daily closing balance and is charged at month end
- Available upon credit approval
- Expected to revolve monthly from a members regular payroll deposit
Personal Loans
Whether it’s that special holiday, a new kitchen, a new vehicle/RV or a pet project, a personal loan from Vermilion Credit Union gives you more for your money:
- Simple interest calculations – you pay interest only on what you owe, for the time you owe it
- No payout penalties – reduce your loan in part or in full at any time, without notice or penalty
- Competitive loan interest rates
- Life and disability insurance – low-cost insurance coverage is available to handle your loan payments in the event of death, accident or illness
- Flexible repayment schedules – we’ll tailor the loan to suit your repayment schedule
- Fast, friendly service – as a member of Vermilion Credit Union, your loan request will receive fast, efficient and professional attention
- New vehicle loans can be amortized to 84 months.
- New RVs can be amortized to 15 years.
Line of Credit
- Pre-approved credit limit, minimum of $5000
- Available at anytime and is ongoing even after paid down use for holidays, new vehicles, home renovations, bill consolidation
- Competitive Interest Rates
- Secured or Unsecured ( dependant upon financial strength of borrower )
- Repayment based on 3 % of outstanding principal balance
Home Equity Line of Credit ( HELOC )
- Take advantage of equity in your home and use it to secure a home equity line of credit at a preferred interest rate, which may be as low as prime.
- Available at anytime and is ongoing even after paid down. Use your HELOC for holidays, new vehicles, home renovations, bill consolidation.
- Competitive Interest Rates that range from Prime to Prime + 2.00%
- Repayment is based on interest only on outstanding principal balance
RRSP Loans
RAPID RRSP
A one year loan which must be repaid within a 1 year amortization
- Maximum Loan amount: The amount recorded on the previous year’s Notice of Assessment to a maximum of $25,000 per eligible borrower
- Interest Rate: Floating variable rate of PRIME
- Maximum amortization: 1 year
- Life Insurance is Mandatory
TOP UP RRSP
Allows members to maximize their contributions and may allow the member to take advantage of unused contribution room. This product allows for repayment of up to 10 years.
- Maximum Loan Amount: The amount recorded on the previous year’s Notice of Assessment to a maximum of $25,000 per eligible borrower.
- Repayment arrangement: Amortization available for up to 10 years with a minimum monthly payment of $100.00
- Interest Rate: Fixed rate of interest up to a maximum of 5 years.
- Life Insurance: This is Mandatory
Student Solutions
Student Solutions financial package is a combination of a loan product packaged together with a broad array of financial services which includes an interest bearing account with a discounted service fee plan that can be accessed using a Member Card debit card.
- To qualify, the student or legal guardian must be a Vermilion Credit Union member for a minimum of 6 months from date of application.
- The applicant must be enrolled in at least 60% of the course load in a recognized (post-secondary school) college, university or technical school. Member must provide a confirmation of enrolment.
- All normal credit criteria must be complied with including the GDS and TDS ratios as established in previous sections of the Lending Policies.
- If the applicant has no or insufficient income to support this obligation, then a guarantor (preferably legal guardian) must be obtained and provide the eligible criteria to qualify.
Terms:
- Maximum annual disbursement amount of $10,000 to a maximum of $60,000 (6 years). Minimum multiple disbursement of $500 per month.
- In addition to the above funding, the member will be eligible to establish an Authorized Overdraft, and a Mastercard to a maximum combined authorization of $2,500. These credit facilities will be considered on a unsecured basis to the student.
- Repayment of interest only, monthly payments while the student is enrolled in full-time studies.
- Interest only payments will cease 6 months after the student graduates, leaves school or the enrolment is less that 60% of normal course load (considered grace period).
- After the grace period, the member is required to make monthly payments toward principal and interest. The following repayment schedule will be established:
Balance up to $10,000: 48 months maximum
$10,000 to $20,000: 84 months maximum
Balances over $20,000: 120 months maximum
Subject to a minimum payment of $150 monthly.
Residential Mortgages
- For building, renovating or purchasing a home or revenue property, or debt consolidation
- Conventional or CMHC/Genworth high ratio mortgages available
- Open/Closed and floating rate options are available.
- Fixed terms of 6 months to 5 years are available.
- Amortization up to 35 years depending on the age of the property and equity
- No survey certificates required
- Variety of payment options. weekly, biweekly, bimonthly, or monthly
- 20/20 prepayment option (on principal residence, otherwise 10% annually) allows the member to prepay up to 20% of the original principal balance annually as well as increase their regular payment by up to 20%
- Life/Disability Insurance Available
Conventional Residential Mortgages
- Will allow the member to borrow up to 80% of appraised value or purchase price supported by appraisal
- 25 year amortization
- Fixed terms of 6 months to 5 years are available.
- Open/Closed and floating rate options are available.
- No survey certificates required
- Variety of payment options. weekly, biweekly, bimonthly, or monthly
- 20/20 prepayment option (on mortgages secured by owner occupied principal residence ) allows the member to prepay up to 20% of the original principal balance annually as well as increase their regular payment by up to 20%
- Life/Disability Insurance Available
New Construction Owner Occupied Residential Conventional (20% equity)
- Member to provide cost estimates, copies of quotes and completed construction budget or contract with builder for turn-key price. Appraisals are utilized to confirm the actual value of the property and to confirm the amount of equity and financing that is required.
- In some cases members may be able to be their own general contractors if suitable construction experience or assistance is provided.
- Cost overruns are real issues that may occur during construction and the member must have the resources on hand to deal with these, and/or financing alternatives available.
- Member’s equity is used first, prior to advancing loan proceeds - The loan is provided on a demand basis during construction with interest only paid monthly. Upon completion of construction, the loan is termed out over the remaining amortization period with regular payments commencing at that time.
- Advanced in 3 to 4 draw downs, based on appraised amount reflecting progress to date on a cost to complete
CMHC/Genworth - Residential
- These guaranteed mortgages provide an excellent option for members who do not have the 20% equity to utilize a conventional mortgage, and in some cases may allow the members to access up to 100% financing for purchases, construction or refinance options.
- Purchases of acreages, rental/revenue property, multi unit apartments, mobile homes, vacations properties are also allowable purchases.
- In exchange for the low equity requirements insurance premiums are charged which vary depending upon available equity and the amount financed.
- No appraisal required
- Payment options include weekly, biweekly, bimonthly, monthly.
- 20/20 prepayment options apply
- Please refer to the following information sheets from CMHC/Genworth that provide further information and clarification
New Construction CMHC/Genworth
- Member to provide cost estimates, copies of quotes and completed construction budget or contract with builder for turn-key price.
- Builder/Developer must have new home warranty certificate or alternate insurance
- Self-builder, spec, and general contract constructions eligible.
- In some cases members may be able to be their own general contractors if suitable construction experience or assistance is provided.
- Cost over runs are real issues that may occur during construction and the member must have the resources on hand to deal with these, and/or financing alternatives available.
- Member’s equity is used first, prior to advancing loan proceeds
- The loan is provided on a demand basis during construction with interest only paid monthly. Upon completion of construction, the loan is termed out over the remaining amortization period with regular payments commencing at that time.
- Advanced in 3 to 4 draw downs, based on appraised amount reflecting progress to date on a cost to complete
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