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Acreage

EVERYTHING YOU NEED TO KNOW

  • Financing is based on the value of the entire property regardless of its size
  • Financing available for acreages without a residence
  • Financing is available for both service and unserviced properties
  • Fixed or Variable rates are available
  • 6 month to 7 year terms are available
  • Weekly, Bi-weekly, Monthly, and Semi-monthly payment schedules available
  • 25% Annual Payment to principal
  • 150% Annual Payment increase
  • Pre-approvals available
  • Creditor Insurance available

WHAT’S IN IT FOR YOU?

  • We will finance a property for its entirety, not just the home site. This allows for you to take advantage of the full property appreciation, and will help you qualify for a smaller down payment as you do not need to pay for the difference out of your own pocket.
  • Financing is available for properties without a residence allowing for farmers to purchase additional property for their crops, livestock, etc.
  • We will also finance both serviced and unserviced properties, allowing for you to purchase the acreage that you want without having to pay for it in its entirety. You are able to have what you want sooner.
  • Our fixed rate mortgages allow for your payment to stay the same for the term chosen. This makes budgeting easier as you know what your payment will be time and time again. Variable rates allow for you to take advantage of competitive rates and having the option to convert at any time to a fixed rate term without any penalty.
  • Our various term lengths allow for you to suit your mortgage to your life plans and to minimize the interest costs and penalties from early payout.
  • Having the option to pay your mortgage weekly, bi-weekly, monthly or semi-monthly enables you to have the payments tailored to your schedule. Accelerated options make it so that you are reducing your interest cost and helps you become mortgage free sooner.
  • The 25% annual principal payment enables you to repay up to 25% of the original value of your mortgage on your anniversary date without penalty. This will lead to significant reductions in interest costs and reduce the amortization of the loan.
  • Our 150% annual payment increase will allow you to increase your payments by 150% of your original payment once per calendar year, resulting in reduced cost to you and becoming debt free quicker.
  • We also offer pre-approvals so that you can look for that dream house with confidence, knowing ahead of time that you will be able to afford it.
  • Creditor Insurance is also available to give you the peace of mind that your assets and credit score are protected in case something unexpected happens, because the insurance will make the payment for you.
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The Small Print
  • We consider serviced property as one with road access, hydro to property line and a proven water source (max 75% financing)
  • If you have an unserviced property, will finance up to a maximum of 50%
  • On approved credit
  • Interest rates vary per application

© 2013 Lake View Credit Union