Mortgage Options and Specialty Mortgages

With so many different kinds of homes on the market, it takes time and effort to find one that's just perfect. ACU makes mortgage shopping a bit easier by offering you mortgages that provide a number of convenient options and benefits.

Flexibility: choose between a fixed or variable rate mortgage, with terms ranging from six months to five years.

Multiple payment options: select weekly, bi-weekly, semi-monthly or monthly payments to suit your cash flow, with accelerated weekly or bi-weekly payment options.

Prepayment: prepay up 20% of your original or renewed mortgage balance each year, with no penalty or service fees. You can prepay by increasing your payment by a fixed amount, making an additional mortgage payment, making one maximum-allowed lump-sum prepayment each year of your mortgage, or making a number of smaller prepayments at any time each year.

Portability: if you have the perfect mortgage but not so sure about your house, you can always take your mortgage with you when you purchase a new home. This no-cost portability feature applies to all our mortgages.

Assumption: transfer your mortgage terms to the buyer when you sell (buyer must qualify for the mortgage at the current posted rate).

Protection: protect yourself and your family with credit insurance available through The CUMIS Group Limited, for loss of employment, loss of life, disability and critical illness (with qualification).

Here are some specialty options that make home ownership more affordable and even profitable:

Purchase Plus Improve Mortgage

Finally found a fixer upper that's ready for a little TLC? The Purchase Plus Improve Mortgage lets you include some renovation costs in your mortgage. Start by arranging your mortgage for the initial purchase price. Then, list your planned renovations and have an appraisal done to establish the increase in value resulting from your proposed improvements. The down payment and approval process is based on the projected value of your home once renovations are complete.

Builder's Mortgage

Construct your dream home and pay for it in stages as it's being built. With a Builder's Mortgage, the approval process, payment terms and down payment are based on the projected value of your completed home. Once construction is under way, you'll be required to make regular monthly interest payments on the funds that have been advanced, according to the payment schedule in your building contract. When construction is complete, the mortgage is fully advanced and regular principal and interest payments start.

Revenue Property Mortgage

If you've been looking at buying a residential property for investment purposes, ACU can help. The conditions and features of these mortgages vary somewhat from residential mortgages. For instance, to qualify for a Revenue Property Mortgage, you must demonstrate that your personal financial situation and the income you'll receive from owning and/or renting out the property will be sufficient to cover any taxes and payments. Factors such as the potential vacancy rate, cost of repairs and maintenance are also considered.

Vacation Property Mortgage

Who doesn't long for a small hideaway for summer weekends and family get-togethers, or a home in the country where you can retire? Come to us; we can help make this happen with a Vacation Property Mortgage. 


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