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When Life Happens...
You'll be glad you have a Designer Mortgage.
Before you consider borrowing more money to purchase a car, pay for your daughter’s tuition, renovate your home or temporarily supplement a lost income, consider using the equity in your home to free up dollars for those important things in life.
With a PenFinancial Designer Mortgage you only need to apply once to establish all your borrowing needs – then manage your interest rates by accessing the equity in your home through a range of credit options, including a fixed or variable rate mortgage and a line of credit.
With a Designer Mortgage, you can apply for:
- Mortgage Advances – Conventional Mortgage options, rates and features, with the added flexibility of being able to re-advance as necessary.
- Secured Line of Credit – Allows for flexibility; choose interest only payments and draw only the funds you need at any time.
Plus...
- Combine your borrowing needs:
Combining all borrowings under a Designer Mortgage enables you to structure payments to meet your lifestyle needs, while reducing interest costs and allowing you the flexibility to re-borrow funds for when life happens.
- Short or Long Term rates:
A Designer Mortgage gives you flexibility to mix long and short term rates, fixed or variable rates, and create a blend of benefits to pay down faster or slower, reducing the impact of interest rate fluctuations.
- Quick access to money for all your needs - apply for a Designer Mortgage for all your needs – whether it’s to purchase a new mini van for your growing family, or to renovate your home to add on an in-law suite - your mortgage security is already in place, so you save on further legal fees. It’s like one-stop borrowing for when life happens.
Payment Options:
- Weekly, bi-weekly, semi-monthly, monthly
- Blended payments of principal and interest
- Interest only payments in certain circumstances
- Tiered: Combine different terms, rates, payment options and amortization schedules under one mortgage
Here’s an example how the Designer Mortgage works:
| Bill and Sandy from Welland have paid down half of their mortgage loan (8 years ago it was originally $200,000, and it is now $100,000). Their daughter is headed off to Brock and Sandy’s mother is moving in with them, so they need to pay for tuition and renovate their home. A Designer Mortgage will give them the options they want affordably and easily: |
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Bill and Sandy’s Present Home Value |
$300,000 |
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80% of Present Home Value |
$240,000 |
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With the help of a PenFinancial Advisor, Bill and Sandy chose the following
Designer Mortgage: |
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Mortgage (5 year fixed rate, 15 year amortization) |
$100,000 |
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Line of credit for renovations |
$ 60,000 |
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Personal loan for tuition |
$ 20,000 |
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Total Credit Advanced |
$180,000 |
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| Bill and Sandy still have an additional $60,000 credit, so when their daughter graduates from Brock, they can buy her a new car, or take that long awaited second honeymoon. |
Contact your PenFinancial Credit Union Branch Manager or Advisor to set up your Designer Mortgage today – or call Steve Yochim, our Mobile Mortgage Specialist at 905-735-4801 or on his cell at 905-328-8872 and he’ll be happy to meet with you at your home or office anytime of the day or night.
The Designer Mortgage...
Helping you through all the stages of life. |
