Concentra Financial
Concentra Financial is a credit union company and an integral part of the Canadian co-operative financial system. Through leadership and partnership, Concentra seeks to advance the credit union system. Partnering with credit unions and other organizations, nationally, Concentra delivers value added services and specialized solutions to enhance our partners’ competitive advantage and success.
At Concentra, strong relationships, innovation, collaboration and exceptional service connect us with our partners. The solutions we deliver are tailored to meet unique needs and objectives. We provide value to our partners by simplifying business operations, expanding product offerings and providing specialized expertise through access to Corporate Financial Services, Trust Services and Corporate Banking.
**Closed Insured Mortgages
| Minimum Mortgage Amount | $50,000 |
|---|---|
| Portable | Yes, upon qualification |
|
Amortization |
15 Years Minimum, 35 Years Maximum |
| Assumable | Yes, upon qualification |
| Rate Guarantee | Up to 120 Days |
| Preapprovals | Yes, but deal is not underwritten. Rate Hold only. |
| Payment Frequencies | Weekly, Accelerated Weekly, Bi-Weekly, Accelerated Bi-Weekly, Semi-Monthly,Monthly |
| Early Payout Penalties | Greater of 3 Months Interest or IRD for closed Fixed Rate Mortgages, 3 Months Interest for Closed Variable Rate Mortgages. |
| Prepayment Privileges | Up to 20% of mortgage amount per calendar year, + increase Payments by up to 25% per year, + up to Double Payment on any payment date. |
Concentra lends in all provinces except Quebec.
Will not finance raw land purchases.
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