Loans
Operating Line of Credit
The Operating LOC is a revolving loan which fluctuates in line with the sale of farm products. It can be custom tailored to meet the specific needs of your farm.
Perhaps the most attractive feature of an operating line of credit is that you pay interest only for the precise amount of money you use, for the number of days used. The actual interest rate charged is tied to the prime rate.
What's more, the credit union operating line of credit carries no standby fee and no requirement for multiples of signed notes.
Term Operating Loan
The Term Operating Loan is targeted to a specific purpose, such as financing the purchase of feeder cattle, hogs or fertilizer.
The term operating loan is advanced for a set period of time and usually is repaid from a specific sale. This is similar to the operating line of credit which is used for financing current inputs; however, the line of credit is not linked to a specific purchase nor to a specified time period.
A farmer may have both an operating loan and a line of credit at the same time, depending upon the diversity and scope of production enterprises.
Intermediate-Term Loan
The intermediate-term loan has a span of more than one year but less than 10 years. You use it to buy depreciable/replaceable assets such as machinery, buildings or breeding stock.
Repayment of an intermediate-term loan is tied to the productive life of the asset being purchased and the financial ability of the farm enterprise. The actual repayment schedule may be in monthly, quarterly or semi annual installments. What's more, you have the option of a fixed or floating interest rate.
• Mortgages available for residential, agricultural or commercial properties
• Conventional and CMHC insured mortgages
• Amortization periods up to 25 years
• Mortgage life insurance available
• Competitive interest rates
• Payment options - weekly, bi-weekly or monthly
Did you know that Credit Unions were the innovators of bi-weekly payments that substantially reduce the interest costs of your mortgage?
We stretch your mortgage dollar with competitive interest rates and no hidden charges or penalities so that your mortgage can be home free and clear as quickly as possible.
NCU's mortgage features include:
• Interest Rate Guaranteed - contact Account manager for details
• Same day approval of financing, in most cases
• CMHC approved mortgages available
• Group home owners insurance, with bi-weekly payment option
• Builder's mortgage loans available
• Construction mortgage available
• 10% Prepayment privilege
• Portability
Pre-Approved Mortgages
Speak to one of our Financial Service Representatives before you buy and we'll show you all the advantages of having your financing in place with a Niverville Credit Union pre-approved mortgage. We'll show you how to have a manageable mortgage that gives you the peace of mind knowing that your home or renovations are affordable.
• Helps you determine what you can afford
• A pre-approved mortgage puts you under no obligation and is free of cost
• Rapid pre-approval - usually within two days
Personal loans can be used to finance purchases of a wide range of personal goods including automobiles, furniture and appliances, recreational equipment etc. Since interest rates on personal loans are normally much lower than credit card interest rates, personal loans are beneficial in consolidating debts to lower monthly payments and interest costs. The interest rate charged on personal loans depends on a number of factors including the purpose of the loan, the security taken, the length of the term of the loan, the degree of risk and the amount of business that a client does with the financial institution. Unlike mortgages, it is difficult to compare personal loan interest rates because of these varying factors.
Some features of personal loans are:
• Flexible term lengths
• Competitive fixed or variable interest rates
• Payments can be weekly, bi-weekly, monthly, quarterly, semi-annually or annually
• Consumer loans covering everything from RRSP purchases to vehicles
• Loans open to pre-payment or payoff at any time without penalty
• Life and disability insurance available
• All term loans can be repaid at any time without penalty
