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Typical financing is a loan evidenced by a promissory note and secured with the first mortgage on the facility 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 market activity and projected changes in the mortgage financing markets. Since Stewards Canada is a not-for-profit charity, any profit earned is periodically distributed evenly to mortgage holders in order to reduce their financial burden. |
On occasion, Stewards Canada will also provide mortgage financing to churches outside Brethren assemblies. This takes place only after 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 2007, we loaned mortgage funds in Windsor, Guelph, Wallenstein, Haley Station, Milton, London, Cambridge, and Toronto in the province of Ontario and in Fall River, Nova Scotia. These new investments are in addition to the 30 plus facilities across Canada that are currently outstanding. During 2008, we loaned mortgage funds in Guelph, Kitchener, Markham, Mississauga, Sault Ste. Marie, and Waterloo in Ontario and in Edmonton, Alberta. During 2009, we loaned mortgage funds in Welland, Milton, Sault Ste. Marie, Angus and Oakville in Ontario and in Moncton, New Brunswick. During 2010, we loaned mortgage funds in Stratford, Kingston, Scarborough, Guelph, Sault Ste. Marie, and Chesterville in Ontario. As well, we made mortgage loans in Victoria, British Columbia and in St. Augustin, Quebec. If you are interested in a Stewards Canada mortgage, go to our Mortgages page. |