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PRIMA Mortgage
The PRIMA Mortgage is a bit different than
our First Mortgage. It’s designed to be a ‘lifetime
mortgage‘ –
you can add to it without the formal process, you can 'bring
it with you' to a new home or property and it’s designed
for easy flexible payments.
For example, let’s say you’re
buying a $100,000 home and that you have $50,000, so all
you need is a $50,000 mortgage to pay for the rest.
We‘d
register you for a $75,000 PRIMA mortgage, but you sign the
loan for just the $50,000 you need at a regular mortgage
rate (fixed or variable).
Now let's say it's 10 years down the
road, and you need to borrow $20,000 for a new truck. No
problem
– you can either add that amount to your existing
mortgage, or
have a separate loan agreement drawn up. Either way, the
fact that there’s more than enough left on your PRIMA Mortgage
to cover the cost of your truck means that the $20,000 is
already secured. Make sense?
Who’s eligible?
Available to any member who owns or is buying a residential
property.
Maximum Amounts
While there isn’t a set maximum, the amount you can borrow
is equal to 75% of the value of the property. Regardless
of whether you need that much, that’s the amount that the
mortgage is registered for so that you can add on (as in
the example above) without going through the entire application
process all over again.
Other Features
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You can be pre-approved
with a 60-day rate guarantee. |
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You can switch the
PRIMA’s rate between variable and fixed without
legal costs. |
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Payment options are
flexible enough to meet your needs – weekly, biweekly,
semi-monthly, monthly. |
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With a variable rate, you can pre-pay
at any time. |
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With a fixed rate, you can pay up to 20% of
the original value of the mortgage on the anniversary
date each year. |
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You can increase your regular
payment amounts by up to 20% each year. |
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And you get an extra payment (per year) on
any regular payment date. |
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The PRIMA Mortgage
moves with you – you can carry the value of your
mortgage to a new home, if you’re selling your
old one. |
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If you’re selling your
home, you can also assign the terms of your PRIMA Mortgage
to the buyer (subject to credit approval). |
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