Our Mix & Match product is a Debt Consolidation tool offered to our members, whether or not they have
loans with us, but have other outstanding debts they would like to pay off. We know how stressful it can
be, being pulled in all directions making payments to multiple creditors and would like to provide an
Debt consolidation simply means taking a new loan to pay off others, so that you would only have one
loan to pay, usually with a fixed lower interest rate.
Secured in the first instance by a mortgage, a Mix & Match loan will allow a member to combine
amounts for example, home improvement, furniture, vehicle, education, personal and medical expenses.
This type of loan can also be applied to existing members with separate loan balances, providing a
mortgage forms part of the collateral offered.
CASH SECURITY REQUIRED: 5-10%
REPAYMENT PERIOD: the repayment period should not exceed that of the lead loan, that is, house
construction/purchase up to 30 years or age 65; whichever comes first.
Debt/service ratio should not exceed 45%
Interest rate will be that of the lead loan (mortgage) ranging from 8.5% to 10.5%
Other security dependent on throw-ins:
• Vehicle: Bill of Sale and insurance assigned to the Credit Union. This is dependent on the equity
value of the property being mortgaged.
• All existing terms for mortgage loans (student, house, land) will apply with the following
inclusions: loans of $100,000.00 and more must be secured by life insurance assigned to the
4. All M&M loan deductions must include monthly savings.
5. Where an existing mortgage is more than a year, a new valuation is required.
6. All property (real estate) valuations are to be discounted by 20% of the appraised value.
7. Where a Bill of Sale is deemed necessary, a valuation not more than three months old is required.