Mortgage overview
NEW Mortgage Services brochure!
Click for digital brochure to read or print: Mortgage Services brochure
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 70% 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 rate offered is
• 5 year term – 7.5% fixed
The principal is amortized up to a maximum of 25 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 below is a link to a Mortgage Calculator which will 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.
How to apply
Stewards Canada will be very pleased to consider an application from your assembly or church.
Please complete or print the fillable Mortgage Application form PDF and send it to Stewards Canada for assessment. You will note that the Mortgage Application Form also contains a Statement of Faith to which your assembly/church must subscribe without reservation, in order for Stewards Canada to consider your application.
If the application is approved, we will provide a formal commitment letter to provide funds at your convenience. The mortgage approval process takes up to two weeks from receipt of application, if all required documents and reports are submitted with the 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.
Mortgage calculator
You must enter a principal amount (borrowed amount required) for your building project and length of mortgage (number of years you would like to pay off the mortgage). Then when you click “Calculate Payment”, the monthly blended principal and interest amount will be displayed in the calculator.
This mortgage calculator can be used to estimate monthly payments for your property financing loan, based on the needed (PRINCIPAL AMOUNT), the loan’s (INTEREST RATE) determined and fixed on a periodic basis by Stewards Canada and posted on this site, and the term of the loan desired (AMORTIZATION PERIOD).
Mortgage resources
Stewards Canada Resources
NEW Mortgage Services brochure to read online or print: Mortgage Services brochure
Mortgage Application Form and Statement of Faith: Mortgage Application form PDF
Interesting Links
Frequently asked questions
Review the information on the Mortgages page of this website.
If you qualify for a Stewards Canada mortgage, complete the Fillable PDF and send it to us for assessment.
I am interested in a Stewards Canada mortgage. How do I proceed?
Mortgage interest rates currently being offered are as follows:
• 5 year term – 7.5% fixed
Rates are determined periodically by the Board of Directors of Stewards Canada after reviewing all applicable financial market metrics.
What is the mortgage interest rate and how is it set?
No. We also support facilities that are housing ministries such as summer camps, homeless shelters, homes for the aged, nursing facilities, and Christian schools. We will use our funds to support any worthwhile ways to further the Lord’s work, provided it is associated with the building, renovating, repairing or buying property.
Does Stewards Canada only fund church buildings?
During our existence, we have been able to provide financial help to over 340 assemblies and church-related ministries. Without our help, many of these churches would be unable to find the finances they needed to accommodate their growing ministry and repair existing facilities.
How many assemblies and other Christian ministries have you aided during the life of Stewards Canada?
Since Stewards Canada is a charity, we are determined to ensure that profits are rebated to those who are utilizing its ministry – the local churches. After paying our administration expenses, any mortgage profits are rebated back to our mortgage holders on a pro-rata basis. The extent of the rebate is determined annually by the Board of Directors.
What happens to any profits Stewards Canada makes?
Stewards Canada is managed by an Executive Director and an Administrator and is actively guided by a Board of Directors composed of Christian bankers and accountants. (See The Stewards).
How is Stewards Canada managed?
No. Stewards Canada and its Board of Directors are completely autonomous from every other charity. In particular, Stewards Canada has no affiliation with Stewards Foundation and Stewards Ministries in the United States and is not associated with Stewards’ Trust and Stewards’ Foundation in New Zealand and Australia.
Is Stewards Canada associated with, or controlled by, any other charities?
Yes. Stewards Canada is a charitable organization, appropriately registered with the Canada Revenue Agency, which periodically audits our activities.