What type of mortgage is best for you - personally and for your farming or ranching enterprise?
Line of Credit
A line of credit is an authorized overdraft limit that is attached to your chequing account. You only pay interest on the amount used - interest is calculated on the minimum daily balance and paid at the end of each month.
This is a great product that provides you with ready cash for day to day farm operating expenses that may not be timed exactly with your revenue stream. Contact us today to book your appointment with one of our lenders.
A quick loan is revolving credit which provides loan funds on a continuing basis without continual applications each time funds are required. You apply once, receive a limit and establish affordable payments, then it's yours to spend when you need it, as you see fit. Once you've paid the loan down you can have funds re-advanced without re-applying - just give us a call and request for the the funds to be deposited to your account of choice.
This is a great option for farmers who require access to additional funds quickly and conveniently. Contact us.
A term loan is for a specific amount that has a specified repayment schedule. Term loans almost always mature between one and 10 years.
This kind of loan can help you buy investments, equipment, tools or inventory needed to help your farm or ranch grow. Or, use a term loan to consolidate your debts and lower your monthly payments and interest costs. Contact us to learn more.
Conveniently finance your farm vehicle right at the dealership, while still ensuring that your loan remains with your local credit union. This service makes weekend buying simpler when your credit union is closed.
Dealer financing is available throughout Saskatchewan. Ask for credit union financing , via Edam Credit Union. You also have the option to be pre-approved at our office to make the experience more streamlined.
We have partnered with Calidon leasing to provide our members with competitive rates on leasing programs for all types of equipment, as well as grain bins and farm buildings. In most cases a lease will reduce the amount of income tax paid as well as increase the available cash flow to your farm or business. If you haven’t heard, residual buyout options are also available.
Canadian Agriculture Loans Act (CALA)
A federal government guaranteed loans program designed to increase the availability of funding available to beginning and existing farmers to help establish, improve and develop farms. This program is available for mortgage and non-mortgage loans for agricultural purposes other than operating expenses.