Stewards Canada loans are available for churches meeting the investment criteria established by our Board of Directors. All 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;
  • In certain circumstances, we may require an appraisal and/or environmental assessments of the property;
  • Your ability to fund monthly payments to Stewards Canada without dramatically affecting your local ministry costs. We do not want mortgagors to dramatically reduce their community ministry.

The current Stewards Canada mortgage annual interest rate is 6.75% and is guaranteed for five years. The principal will be 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.

Stewards Canada charges a one-time $150 fee to approved loans for set up and administration. There are no fees for mortgage discharge, amortization statements, late payments, refinancing, nor is there any penalty for prepayment of principal, in whole or in part. We do not require personal guarantees from assembly members. The assembly would be expected to assume the legal costs for preparing and registering the mortgage at inception and discharging the mortgage when it has been paid off.

 

 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 and dependent on the amount of borrowings that will be required to complete the local assembly project. If you contact us, we can provide further data, including a full mortgage loan amortization table.

Stewards Canada will be very pleased to consider an application from your assembly. This link will show you the Stewards Canada Mortgage Application Form. Please print the form, complete it and send it to Stewards Canada for assessment. You will note that the Mortgage Application Form also contains a two-page Statement of Faith to which your assembly must subscribe without reservation in order for Stewards Canada to consider your application.

If the application is approved, we will guarantee a commitment to provide funds at your convenience. The mortgage approval process takes up to two weeks from receipt of application.

If you have any questions regarding completing the form, please call or email us (see our Contacts page) and we can discuss any and all issues.

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