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loans -Continuing All-Purpose Collateral Mortgage
The Continuing All-Purpose Collateral Mortgage (CAPCM) is not a loan; it is a type of security. The CAPCM is a special mortgage security with a re-advancement clause. This allows it to be used to secure any number of loans or lines of credit up to the mortgage's limit which is usually 75% of the market value of the home and property. It can also be registered on farm and commercial property, but the limits are usually less than 75% of market value.
Loan features:
- The legal process - mortgage preparation, signing and registration - is done only once. When addtional financing or refinancing is required, it can usually be done the same day, unlike conventional mortgage financing (providing the limit of the mortgage is not exceeded), because the mortgage security is already in place.
- The CAPCM can secure many loans and lines of credit as well as co-signed loans and guarantees.
- All loans / lines of credit secured by the CAPCM are charged interest at the variable mortgage rate, which is normally at or below prime and well below normal loan and line of credit rates.
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MORTGAGE ON THE MIND?
Call us and make an appointment to see one of our lending specialists about a mortgage that is right for you!
Mortgage rates as low as 2.60% (APR)
TAX FREE SAVINGS
(TFSA)
Members can contribute up to $5,000 annually to a Tax-Free Savings Account. (TFSA)
To take advantage of this innovative new investment opportunity, give us a call at:
444-7200 (Oak Bank)
654-8100 (Birds Hill)
853-5130 (Dugald)
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