Credit Union rates are competitive and guaranteed. As well, you can choose to add life insurance, and group mortgage insurance. These are called Variable because the loan rate fluctuates with Prime. And your payment is set to the amortization period selected - to a maximum of 25 years. Because the interest rates are lower, you may wish to consider a second mortgage instead of a personal loan for home improvements, major purchases, children's education or consolidating debts.
Second mortgages have shorter amortization periods than first mortgages.
To get a second mortgage you must meet all of the same qualifications as you did when you were approved for your first mortgage. You will also be required to have a professional appraisal done to accurately determine the present value of your home. Be aware of the costs. Although many of these costs are hidden, all are necessary for your protection. For example, life insurance on your mortgage will protect you or your spouse from undue financial hardship in the event of death.