Alterna Credit Union
Is Part of RateShop Mortgage's Trusted Canadian Lender Network
Alterna Credit Union: Preferred Partner of RateShop Mortgages
History as a Mortgage Lender in Canada
Founded in 1908, Alterna Credit Union is Ontario’s second-largest credit union, serving over 185,000 members with $10 billion in assets. As one of Canada’s oldest credit unions, Alterna is renowned for its member-first approach and community-centric philosophy. They expanded by acquiring CS Co-op in 2018, solidifying their role as a major financial institution.
Types of Mortgage Products & Program
Alterna Credit Union offers a comprehensive suite of mortgage solutions:
Residential Mortgages:
Fixed-Rate Mortgages: Terms from 6 months to 10 years for stability.
Variable-Rate Mortgages: Competitive rates tied to Alterna’s prime rate.
High-Ratio Mortgages: For down payments below 20% (requires insurance).
Cash Back Mortgages: Receive up to 5% cash back on closing.
Commercial Mortgages:
Financing for multi-residential properties, office buildings, and retail spaces.
Construction and Development Loans: Tailored for new and redevelopment projects.
Minimum Credit & Income Requirements
Alterna offers flexible qualification criteria:
Credit Score: Minimum 600 for alternative lending; 680+ for prime rates.
Income Verification:
Salaried Employees: Employment letter, pay stubs, and T4 slips.
Self-Employed: Business financials or bank statements (2 years).
Contract Employees: Proof of contract extensions or consistent employment.
First-Time Home Buyers: Support through the First-Time Home Buyer Incentive (FTHBI).
We'll find great rates like this one from one or our several lending partners across Canada.
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5 Year - Fixed Term from
4.29%
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Everyone's rate is unique. What's yours?
It is our job to get your lowest possible rate. Your rate qualification depends on certain factors, such as credit score and home equity as per regulations.
*Advertised rates may not be offered by this lender. Mortgage lender offers are aggregated by RateShop & its Brokerage Network subject to change without notice. Speak with our mortgage broker about APR and qualification requirements.
Mortgage Underwriting Criteria for Approval
Alterna assesses applications based on:
Debt-to-Income Ratio (DTI): Maximum 42% (higher for insured mortgages).
Loan-to-Value (LTV): Up to 95% with mortgage insurance; 80% for conventional mortgages.
Income Stability: Consistent income history is crucial.
Property Valuation: Appraisal to verify market value.
Locations Serviced and Branch Presence in Canada
Alterna has a robust presence in Ontario with over 35 branches, and expanded reach through digital banking across Canada. Key service areas include major cities like Toronto, Ottawa, and Hamilton.
Mortgage Application Checklist
To apply for an Alterna mortgage:
Government-issued ID
Proof of Income: T4, recent pay stubs, or self-employment documents
Down Payment Confirmation: Bank statements or RRSP proof
Property Information: MLS listing, purchase agreement, or appraisal report
Credit Report: Provided during the application process
How to Start a Mortgage Pre-Approval
Online: Check RateShop’s website for real-time Alterna rates.
Broker Consultation: Work with RateShop brokers to access exclusive offers.
Alterna Branches: Direct inquiries for personalized rates.
Mortgage Pre-Payment Options
Alterna offers flexible pre-payment features:
Annual Lump-Sum Payments: Up to 20% of the original mortgage amount.
Payment Increases: Increase regular payments by up to 20% each year.
Double-Up Payments: Pay up to two additional monthly payments per year.
Alterna Credit Union, in partnership with RateShop Mortgages, provides flexible mortgage solutions designed for diverse borrower needs. With competitive rates, community-focused values, and personalized service, Alterna helps Canadian homeowners achieve financial security. 🏡
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Contact Information
6 Indell Lane, Brampton ON L6T 3Y3, Canada
Local: 416-827-2626
Toll: 800-725-9946
RateShop Inc. is a Mortgage Brokerage offering lowest mortgage rates to Canadians. We are provincially licensed in the following provinces: Mortgage Brokerage Ontario FSRA #12733, British Columbia BCFSA #MB600776, Alberta RECA #00523056P, Saskatchewan FCAA #00511126, PEI #160622, New Brunswick FCNB #88426, Newfoundland/Labrador. Our Quebec Mortgage Transactions are serviced by Orbis Mortgage Group AMF# 181136.
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