What is a CreditMaster® mortgage?

CreditMaster® Mortgage

CreditMaster® is a different kind of mortgage. Flexible and re-advanceable, it builds your borrowing power as you pay down your mortgage and your property value increases. In other words, the money you put into your mortgage today is money you can still use tomorrow.

How is this unique from mortgages from other financial institutions?

Other financial institutions register a set amount and clients can only borrow up to that set amount.  For example, let's take a mortgage registered for $400,000.  Clients owe $300,000, which means they have $100,000 in equity in their home.  They can borrow (some conditions apply) that extra $100,000. If more funds are required a re-registration is required which could cost additional legal fees.

With a CreditMaster mortgage as long as there is equity in the house we can readvance without additional legal fees or the headaches that come along with it.

Other great features of a credit master mortgage

• Borrow confidently with the knowledge that you can blend low short-term interest rates with long-term rate stability. Your mortgage can be more secure and easier to manage by segmenting your term(s), rate(s) and length. You can even stagger your maturity dates!
• You can choose a variable, fixed or a combination of rates, securing different loan agreements and terms under a single CreditMaster®.   This lets you pay down household debt faster, and be mortgage free sooner.
• Offers flexibility with convenient payment options and schedules to maximize your interest savings.
• Easily manage a number of concurrent loans under one CreditMaster® Mortgage, including lines of credit.
• Save time with convenient one-time registration and application for multiple credit needs.
• Avoid paying extra legal fees. Future loans and increases are done in-house at Lake View Credit Union.
• You can take money out if you need it.  Money paid toward your mortgage can be re-advanced – take it out if you need it for flexibility and peace-of-mind.
• Secures your investment with Creditor Insurance (optional).

The CreditMaster® Mortgage is more than just a great mortgage that saves you money. As your borrowing power increases, you can use the CreditMaster® to consolidate debt, fund your child's education, renovate your home or start a new adventure.  Whether you choose to do some of these things, none of these things, or different things entirely, your CreditMaster® mortgage will always provide you with the freedom of knowing you can.

Have more questions about if a CreditMaster® Mortgage is right for you? Contact us through the link below.