As the slogan says “DUCA is not your average bank.” With over 55 years of banking experience, DUCA Financial Services Credit Union has built on its unique strengths in the financial services industry. As a financially sound credit union it is committed to the highest standards in banking. With 43,000 members and 16 locations, DUCA has just passed $1 Billion in assets. Since 1999, DUCA has shared over $60 million in profits with it’s members.
Being with Mortgage Alliance, I have access to majority of DUCA’s mortgage products which include:
– Conventional fixed rate first & 2nd mortgages/ transfers
– High ratio 1st & 2nd Mortgages insured thru Genworth
– Flex Mortgage (Four Different mortgage products in one)
– Pre- approvals with 120 day rate hold guarantee and Bridge Financing
– Construction and Commercial Mortgages
– Rental mortgages for up to 70% Loan to Value
– Secured Lines of Credit
– Vacant land 50% Loan to Value
Residential First Mortgages:
-Amortization period up to 35 Years
– Single family, detached, or semi detached, rentals up to 70% must have 100 amp service
– Co-op financing up to a maximum 70%
– Taxes paid by borrower
– Insure through CMHC, Genworth, and Canada Guranty
– Rate: Posted + .25%
– 80% loan to value must be owner occupied
– 20 % pre payment, double up payment, need 2 years NOA’s
Construction Mortgage Financing
– Maximum Loan to Value 80%. High Ratio available
– 1st Draw must be made within 90 days of the clients application/ 10% holdback on all draws.
– Construction must be completed within 12 months of the 1st draw
– Rate guarantee 120 days prior to completion, prime +2% float during construction. Interest due on a demand basis during construction.
– Maximum draws three (four with land draw; extra draws allowed subject to a fee)
– Satisfactory appraisal, valuation based on a completed dwelling.
-Prior to each draw, the original appraiser must inspect the construction to certify the completed work and to confirm the construction is proceeding according to original specifications.
To find out more about any of these products or how to submit an application email me at email@example.com.