LABORIE BRANCH

758-459-6900

VIEUX FORT BRANCH

758-459-6925

CASTRIES BRANCH

758-459-6939

MY ACCOUNT

LABORIE BRANCH

758-459-6900

VIEUX FORT BRANCH

758-459-6925

CASTRIES BRANCH

758-459-6939

Mortgage Loans

Mortgage loans can be established on the “house and land” unit, or on land alone. The Credit Union will finance up to 80% of the value of the property. The maximum repayment period of such loans will be no more than 30 years. The member must also have appropriate life insurance which must be assigned to the Credit Union.

Requirements

  • An estimate of current market value of the property should be obtained through a recognized appraiser who will evaluate the property on a mortgage purpose basis. The cost of the appraisal is to be borne by the applicant. The appraisal must be addressed to the CreditUnion.
  • All legal and registration fees are to be paid by the borrower.
  • A copy of the current tax and social security compliance certificate is to be obtained prior to disbursement and any taxes and social security owing must be cleared prior to disbursement.
  • Where necessary, the status of the owners as joint tenants or tenants in common, is to be documented.
  • The property must be insured against fire and other natural disasters and it remain intact over the life of the loan. The policy must state that loss is payable firstly to the CreditUnion.
  • When the loan is repaid, it is the member’s responsibility to have a discharge of mortgage prepared and all costs in connection therewith are to be borne by the member.
  • 10% Cash deposit
  • Interest charged on the reducing balance

BECOME A MEMBER TODAY!

JOIN
Laborie Co-operative Credit Union

Laborie Co-operative Credit Union Ltd. is a financial co-operative established with the mandate to improve the quality of life and standard of living of its members for the entirety of their lives.

Navigation
Resources
Contact
Download App