Stewards Canada loans are available for assemblies and churches meeting the investment criteria established by our Board of Directors. Stewards Canada loans are secured by first mortgages on real estate assets.
Lending criteria include the following elements
- Lending will seldom exceed 75% of the market value of the property and building;
- We require an appraisal, engineering report and environmental assessment of the property; and
- The ability to fund monthly payments to Stewards Canada without dramatically affecting local ministry costs. We do not want mortgagors to dramatically reduce community ministries.
Current mortgage interest rates being offered are
- 3 year term – 5.5% fixed
- 5 tear term – 6% fixed
The principal is amortized over a period between 15 and 20 years, depending upon the circumstances. The mortgage interest rate is subject to change and will be confirmed when an application is approved.
There are no fees for mortgage application, mortgage discharge, amortization statements, late payments or refinancing. We usually do not require personal guarantees from assembly/church members. The assembly/church is expected to assume the legal costs for preparing and registering the mortgage at inception and discharging the mortgage when it has been fully paid.
On this page is a link to a Mortgage Calculator which will allow interested persons to estimate the amount of monthly blended principal and interest mortgage payment that will be due to Stewards Canada based upon the current interest rate, the amount of borrowings that will be required to complete the project and the amortization period. If you contact us, we can provide further data, including a full mortgage loan amortization schedule.