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Does a Redfrog Mortgage require me to purchase mortgage
insurance?
What's involved with the application and approval
process? How long does it take?
What services will be included with a Redfrog account?
Can I maintain another account somewhere else?
I already have a mortgage with
Envision. Can I move my mortgage to a Redfrog account, without penalties?
What about privacy? Will Envision market to Redfrog
clients?
What if I have questions about my account?
Who can I talk to?
If rates go up can I lock in part of my debt
at a fixed rate?
What happens if I get into financial trouble
and can't make my interest payment?
What type of property qualifies as security
for a Redfrog Mortgage?
If I move, can I take my Redfrog Mortgage
with me?
What happens if I'm not happy with my Redfrog
Mortgage? How easy will it be for me to withdraw?
What happens when the
mortgage balance is paid off?
I've never heard of a Redfrog Mortgage before. Is it reputable?
The Redfrog Mortgage is a package of products and services offered by Envision
Financial, a division of First West Credit Union, and one of BC's largest credit unions. With nearly 120,000 member-owners, approximately
800 staff, 21 branches and $3.8 billion in assets under
administration, Envision isn't a fly-by-night Internet bank. They're a proven
player in the financial services industry. What's more, all deposits made with
Envision are insured by the Credit Union Deposit Insurance Corporation
(CUDIC), a government corporation which protects credit union members against
the loss of deposits held by British Columbia credit unions. (...top)
If a Redfrog Mortgage is backed by Envision Financial, why is it marketed
under a different name?
A Redfrog Mortgage is so different than the other products and services we
offer, we didn't want it to get lost in the crowd. We searched for a name that
would attract attention and cause people to wonder who we are. (...top)
If people can pay off their mortgages faster with the Redfrog product,
doesn't that mean less interest income for Envision? What's the catch?
Because a Redfrog Mortgage works best when you run all your finances through it,
most people will choose to close their savings accounts at other financial
institutions. That means more business for Envision, and more opportunities to
create exceptionally loyal, high-value customers. (...top)
Isn't it risky to put all my money in one place?
While having a diversified financial portfolio is important, owning your
own home and getting out of debt are also smart financial moves. A Redfrog
Mortgage helps you get the most out of your money by putting any savings you
have to work. A Redfrog Mortgage reduces your overall interest bill while at
the same time giving you extremely flexible repayment terms. (...top)
Why aren't all-in-one accounts like the Redfrog Mortgage more popular in
Canada?
At present, most Canadians still prefer the certainty of a fixed rate with a fixed term, even
though these mortgages can end up costing them thousands of dollars more over
the life of their loan. As well, all-in-one mortgage products are
expensive to implement due to the technology required. (...top)
Does a Redfrog Mortgage require me to purchase mortgage insurance?
You are not required to purchase mortgage insurance, however, it is in your best
interest to do so. Life and disability insurance will protect you and your
family should the unthinkable happen. Please note that while the Redfrog
Mortgage offers a very competitive insurance product, you may choose to
secure coverage elsewhere if you wish. (...top)
What's involved with the application and approval process? How long does it
take?
You can apply for a Redfrog Mortgage in many different ways.
. Apply online - new member
. Apply online - current Envision member
. Download the PDF application and submit it by fax or mail
. In person at an Envision branch
. Over the phone
Once we have received all the information from you, we will give you an answer
within two business days. (...top)
What services will be included with a Redfrog account?
Your Redfrog account is free and includes unlimited:
. Preauthorized payments
. Credit union ABM withdrawals (in Canada)
. INTERAC® direct payments (POS)
. Cheque images
. Transfers (telephone/Internet/in-branch)
. Bill payments (telephone/Internet/in-branch)
. Cheque transactions
. Money orders
. Bank drafts (...top)
Can I maintain another account somewhere else?
Yes, you can, but a Redfrog Mortgage works best when you run all your
finances through it. That's because every dollar you keep in your Redfrog
account helps to reduce the amount of interest you owe that day. In most cases,
the interest saved is greater than any interest you'd earn in a traditional
savings account elsewhere. (...top)
I already have a mortgage with Envision. Can I move my mortgage
to a Redfrog account, without penalties?
Generally, existing Envision mortgage members will have to wait until
their mortgage renews or pay the standard penalty, however, in some cases
Envision members will be able to move their mortgage into a Redfrog account,
depending on the amount still owning on their mortgage. Call an Envision
representative to see if you qualify. (...top)
What about privacy? Will Envision market to Redfrog clients?
Both the Redfrog Mortgage and Envision share the same privacy officer and
maintain the highest ethical standards. Redfrog customers will not have
Envision market products or services to them without their expressed written
consent. (...top)
What if I have questions about my account? Who can I talk to?
If you have questions about your Redfrog account, just call or visit an
Envision branch . We would be happy to chat with you. For 24-hour
technical assistance, you can call us at 1-888-273-3488. (...top)
What if I want to track a portion of my Redfrog account separately?
A Redfrog Mortgage allows you to create separate loan blocks, in addition to
your main variable-rate Redfrog account. Loan blocks can be variable or
fixed-rate, in any combination you'd like, up to a maximum of six. You can move
as much as 90% of your original debt into loan blocks at any time for no
charge. The term for a fixed-rate block can range from 6 months to 10 years. Note,
however, that all industry-standard conditions and penalties will apply to
fixed-rate blocks. (...top)
If rates go up can I lock in part of my debt at a fixed rate?
Yes, you can lock part of your debt into a fixed-rate product for no charge at
any time. The fixed-rate portion will be a traditional mortgage with standard
Envision conventional mortgage conditions and penalties. If you decide you want
to come back to a variable-rate option in the future, you can do so at the
maturity of your fixed-rate term or sooner, if you're willing to pay the
standard Envision conventional mortgage penalties. Fixed-rate terms range from
6 months to 10 years. (...top)
What happens if I get into financial trouble and can't make my interest
payment?
As with any of our mortgages, we work with our members whenever they experience
financial difficulty. It's part of our commitment as a credit union to work
with our members through challenging financial times. (...top)
What type of property qualifies as security for a Redfrog Mortgage?
Security for a Redfrog can be either the applicant's principal residence or a
non-commercial investment property that they have. For further details regarding the use
of non-commercial investment property as security on a Redfrog Mortgage, please contact an
Envision branch representative. (...top)
If I move, can I take my Redfrog Mortgage with me?
Yes, Redfrog Mortgages are portable as long as the new property is the same or
better than the one we already have as security. Redfrog Mortgages are also
assumable, as long as the new consumer is just as credit worthy as the previous
customer. (...top)
What happens if I'm not happy with my Redfrog Mortgage? How easy will it be
for me to withdraw?
If you are unhappy with your Redfrog mortgage, just let us know. Call us at
1-877-Redfrog and we'll help find a solution that meets your needs. If you
would like to withdraw from your Redfrog Mortgage, there are no penalties for
leaving aside from the standard penalties that apply to any fixed-rate loan
blocks you may have set up. (...top)
What happens when the mortgage balance is paid off?
When your mortgage is paid off, you'll earn a competitive deposit rate on the
aggregate credit balance. At that point, one of our financial planners will
contact you to talk about investments that will help you meet your long-term
needs more effectively than keeping your funds in a savings account. However,
you will still have your lending limit and will be able to write a cheque at
any time without talking to a loans officer. (...top)
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