Home Financing and Renovations
As the warmer weather approaches, it’s time to get things done, so we can enjoy well deserved time off over the summer. Whether its home renovations, buying a new cottage or buying the new home of your dreams, we have financing options with you in mind. We’ve been here for people from all walks of life since 1957. We explain your options and the pros and cons. We make it easy. We speak your language, so you can make a decision that’s right for your family budget. We offer fixed rate mortgages (know your payment), variable rate mortgages (good if rates fall), Home Equity Lines of Credit (save interest, not sure what we will need), or a Home Renovator Loan (I know what we’re doing and want to pay it off quickly). We make decisions easier to understand, so you can choose knowing why you did!
Knowing why you choose a product is something we will do our very best to make sure you understand. An informed choice is a great way to make sure you make the best decision the first time. That’s important to us. KCCU puts members first, after all we are members too and we treat all of our members like family. We pride ourselves is making sure you get the best rate and the best product!
Here are some important things you need to know when choosing:
A Fixed Rate Mortgage has a set interest rate and a set term (in years) that is guaranteed. This is ideal if you think interest rates are going to rise or if you want to ensure your payments stay constant for the term chosen.
A Variable Rate Mortgage has a flexible interest rate that changes when the prime rate (KCCU Base Rate) changes. This is ideal when you believe interest rates will fall, or if the purchase is short term, as a variable rate mortgage is usually fully open; allowing you the flexibility to convert to a fixed rate at any time.
A Home Equity Line of Credit offers the same functions as a regular line of credit, but is secured against your home – offering a larger limit and lower interest rate.
An All-in-one Mortgage offers the combination of a Fixed Rate Mortgage and a Home Equity Line of Credit (HELOC). This saves the added expenses of setting up a HELOC later on. All the costs are at one time and as the mortgage gets paid down, the HELOC increase by the amount of principal reduction. Both are set up and at your disposal at the same time.
Home Renovator Loans help make projects a reality. These fully open loans or lines of credit will get you the funds required to complete your project while allowing you a little more freedom as to when it is paid off. Tailor payments to your budget and know when you will be out of debt!
Other debts? No problem! Why not add them into your project financing. One payment, a low rate and peace of mind! We’re here to make things easier every month!
Need a person to talk to? Makes sense to us!
Our Loan and Mortgage Specialists will listen carefully and help make recommendations you can understand. Then together they will help you to understand the best choice for you.
Use these payment calculators and you can see exactly what your payment can be. You have choices!