At East Kootenay Community Credit Union our Line of Credit is a convenient way to get the extra money you need, when you need it. Sign up for your Line of Credit and you will have extra money available to you right in your account, and pay no interest unless you are actually using your Line of Credit. Whether you want to go away for the weekend, or you need a little extra money this month, isn't nice to know you can count on your Credit Union.

• Only pay interest on the money you borrow, pay no interest when you are not using your Line of Credit.
• Your Credit Union Line of Credit gives you a much lower interest rate than a typical credit card or personal loan.
• When you deposit money into your account each month your Line of Credit requires no monthly payment.
• Your Line of Credit shows up on your monthly account statement to save you time.
• Enjoy the convenience and easy access of having credit available to you right in your account.
• We provide easy and convenient access to your account by giving you options. In branch, debit card, ATM, MemberLink telephone banking or MemberDirect online banking services.

Go on vacation, remodel your kitchen, make a timely investment or have a line of credit available to you "just in case". With our new Credit Master Multiple Borrowing Mortgage you can borrow up to 75% of the appraised value of your home and have it available to you for whatever you want, whenever you want. One registration, one set of legal fees, and you get preferential rates on all borrowing so your advances won't cost you higher personal loan rates.

• Borrow up to 75% of the appraised value of your home to use however you want,
  whenever you want.
  
• One time registration and legal fees will save you time and money.
• You're saving money when you get preferential rates on all borrowing.
• Structure your payment schedule to suit your individual needs.

With our new Credit Master Multiple Term Mortgage you can borrow up to 75% of the appraised value of your home and split it into any number of short, medium or long-term lengths, then arrange them any way you like; open, closed or a combination of both. Get the advantages of lower short-term rates, the protection of long-term rates, and protect yourself from interest rate fluctuations.

And because it belongs to our Credit Master mortgage family your money is available to you for whatever you want, whenever you want. One registration, one set of legal fees, and you get preferential rates on all borrowing so your advances won't cost you higher personal loan rates.

• Borrow up to 75% of the appraised value of your home to use however you want, whenever you want.
• One time registration and legal fees will save you time and money.
• You're saving money when you get preferential rates on all borrowing.
• Structure your payment schedule to suit your individual needs.
• You are in control of your money. You have the ability to get the lower short-term rates AND save money by balancing them with the protection of long-term "lock-in" rates
  Get the combination of an open and closed mortgage and have the ability to pay out larger amounts of your loan without paying a penalty.

East Kootenay Community Credit Union's Foreign Ownership Mortgage makes it easy for non-Canadians to purchase their recreation or investment property in the East Kootenay. Qualify for up to 65% of either the purchase price or the appraised value of the home, whichever is lower, and pay rates as low as prime -0.5. For example, a $200,000 mortgage with a 25-year amortization can have a payment as low as $1,100 Canadian (rates subject to change).

• Borrow up to 65% of the purchase price or appraised value of your home.
• Enjoy rates as low as Prime -0.5.
• Structure your payment schedule to suit your individual needs. You can pay weekly, bi-weekly, semi-monthly or monthly.
• Enjoy great term and rate options. Choose from a 3 year variable rate, or a 5 or 7 year fixed rate.
• Reap the benefits of the Credit Union's no penalty policy which enables you to pay out 20% of your principle each year.
• Maximum armortization 25 years.

Requirements

• $750,000 net worth.
• Required documentation includes sales purchase contract, appraisal, proof of income, proof of employment, home country credit bureau, references, proof of net worth and a survey certificate required over $200,000.

5 Year Fixed Rate Mortgage
- Save on our posted 5 year interest rate
- Pay out 20% of your original principle each year with no penalty
- Take advantage of our accelerated weekly or bi-weekly payment options

7 Year Fixed Rate Mortgage
- Save on our posted 7 year interest rate
- Pay out 20% of your original principle each year with no penalty
- Take advantage of our accelerated weekly or bi-weekly payment options

7 Year Fixed Rate "Bundle" Mortgage
- Save 1.25% on our posted 7 year interest rate
- Pay out 20% of your original principle each year with no penalty
- Take advantage of our accelerated weekly or bi-weekly payment options
- WE WILL PAY your appraisal fee, mortgage legal fees and your
CMHC application fee PLUS the Credit Union will pay $150 towards
your home insurance at East Kootenay Community Insurance and
provide you with a small safety deposit box for one full year.

Cash Back Mortgage
- WE WILL PAY YOU up to 4% cash back on your principal mortgage amount
- Pay out 20% of your original principle each year with no penalty
- Take advantage of our accelerated weekly or bi-weekly payment options

Please note: Some restrictions may apply on the above options such as minimum mortgage amount and patronage reward waiver requirement.

Cash Back Mortgage is subject to minimum service usage and patronage waiver requirement.

What is a down payment and how much do we need ?
A down payment is the amount of money needed up-front to buy a home. You can buy a house for as little as 5% down, but the larger the down payment, the easier the other expenses will be to manage. The ideal down payment is 25% of the purchase price. Once you’re ready to put an offer on a property you’ll need part of your down payment as a deposit, so remember to keep some funds easily available and accessible.

Conventional versus High Ratio Mortgages
If you can provide a down payment of 25% or more of the purchase price, you may qualify for what’s called a Conventional Mortgage. If you have less than 25% to put down, however, you must apply for a High Ratio Mortgage. This type of mortgage must be insured by the Canada Mortgage and Housing Corporation (CMHC).You will have to pay an insurance premium between 1.25% to 3.75% of the total mortgage amount, depending on the size of the down payment. You can pay this premium in cash or, to make it more convenient, East Kootenay Community Credit Union can add it to your mortgage amount.

You may be able to use your RRSP’s toward your downpayment
As a first time buyer, you may be eligible for the government-approved RRSP Home Buyers’ Plan. You and your eligible spouse may withdraw up to $20,000.00 each from your RRSP’s using funds which have been in your RRSP’sfor at least 90 days. You don’t have to pay income tax on the funds, as long as you repay the total amount to your RRSP over the next 15 years. And your payments don’t have to start until the second year after the withdrawal.