
MORTGAGE LOANS
To obtain a mortgage loan from the Credit Union of Grenville you need to have the following:
Documents
- Photocopy of land documents (Deed & Plan) to verify land ownership
- Approved building plan
- Professional valuation, preferably by credit union’s approved assessor
- Draft contract from builder
Deposits
- Residential property constructed of Wall 15{faf1b84c3a2be60a8477597cddd7dccac1ff0bb474bb0bcfd7c46614efd20396}. Constructed of wood – 40{faf1b84c3a2be60a8477597cddd7dccac1ff0bb474bb0bcfd7c46614efd20396}.
- Non-residential and Self-employed persons-20{faf1b84c3a2be60a8477597cddd7dccac1ff0bb474bb0bcfd7c46614efd20396}
- Security
- Legal mortgage
- Property insurance assignment
- Life Insurance coverage for loan above $54,000.00
- Amortization
- Maximum, 30 years and must be repaid before the age of 64
General Criteria
Valid Photo Identification Documents such as Passport and National Insurance Card along with proof of residence and citizen ship in the case of Non-citizens. A Job letter and recent pay slip dated no more than 6 months, Statement of all existing debts/loans and savings/investments accounts, including credit cards. Site visits to verify location of land and construction process.
The Board approval must be sort when considering other forms of collateral and where Board decision made on other conditions, interest rate shall be adjusted accordingly.