How Do We Use Our Funds?
Typical financing is a loan secured with a first mortgage on the property and building. Most mortgage amortization periods are 15 to 20 years. The interest rate charged on mortgages is set periodically by the Stewards Canada Board of Directors after considering current and projected changes in the mortgage financing markets.
Stewards Canada will also provide mortgage financing to churches outside Brethren assemblies. This only occurs when a church agrees with our Statement of Faith, has goals that match our Mission, and when funds are not required by Brethren projects. At all times, Brethren assemblies receive top priority.
- During 2013, we loaned mortgage funds in Mount Albert, Cambridge and Scarborough in Ontario and Sherbrooke in Quebec.
- During 2014, we loaned mortgage funds in Mississauga, Windsor, Welland, Toronto and North Bay in Ontario and Sherbrooke in Quebec.
- During 2015, we loaned mortgage funds in Guelph, Thorold, Sault Ste. Marie, Oshawa, London and North Bay in Ontario and Sherbrooke in Quebec.
- During 2016, we loaned mortgage funds in North Bay, Oshawa, Sault Ste. Marie, Guelph, and London, Ontario.
- During 2017, we loaned mortgage funds in La Glace, Alberta and in Barrie, Stouffville, Ottawa, Stittsville, Toronto and Oakville, Ontario.
If you are interested in a Stewards Canada mortgage, go to our Mortgages page.