Prospera Credit Union
Is Part of RateShop Mortgage's Trusted Canadian Lender Network
Prospera Credit Union: Preferred Lender with RateShop Mortgages
History as a Mortgage Lender in Canada
Founded in 1943, Prospera Credit Union is one of British Columbia's largest credit unions. It has grown through mergers and acquisitions, including merging with Westminster Savings in 2020. Prospera is committed to supporting local communities and offers competitive mortgage products tailored to Canadian homeowners.
Types of Mortgage Products & Programs
Prospera provides a range of residential and commercial mortgage solutions:
Fixed-Rate Mortgages: Predictable monthly payments with terms ranging from 1 to 5 years.
Variable-Rate Mortgages: Fluctuate with market conditions, often providing lower initial rates.
Commercial Mortgages: Financing for investment properties or business ventures.
HELOCs (Home Equity Lines of Credit): Access to funds by leveraging home equity.
First-Time Homebuyer Programs: Special programs designed to ease the entry into homeownership.
Minimum Credit & Income Requirements
Minimum Credit Score: Typically 600, but flexible for non-traditional borrowers.
Credit Score: A minimum credit score of 600 is generally required.
Income Requirements: Varies based on loan type. Salaried employees need proof of consistent income, while self-employed applicants must provide tax returns and financial statements.
First-Time Buyers: Programs are available with flexible down payment options and incentives.
Contract Employees: May qualify with proof of continuous employment.
Stated Income Programs: Available for self-employed individuals with alternative documentation.
Mortgage Underwriting Criteria for Approval
Debt-to-Income Ratio (DTI): Should typically not exceed 42%.
Loan-to-Value Ratio (LTV): Up to 80% LTV for traditional mortgages, with higher LTVs for insured mortgages.
Credit History Review: A thorough review of credit history, outstanding debts, and payment habits.
Locations Serviced and Branch Presence in Canada
Prospera operates primarily in British Columbia with over 26 branches. While most services are focused on BC, their mortgage products are accessible to clients throughout Canada via online and broker services.
Mortgage Application Checklist
To apply for a Coast Capital mortgage, prepare the following:
Proof of identity (government-issued ID)
Employment verification (pay stubs or income tax returns)
Credit history report
List of assets and liabilities
Property details (for pre-approvals)
We'll find great rates like this one from one or our several lending partners across Canada.
Call Now for a Free Rate Quote
5 Year - Fixed Term from
4.29%
Apply for your Best Rate in minutes.
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.
How to Start a Mortgage Pre-Approval
Contact a RateShop Mortgage Broker: Personalized guidance
tailored to your financial profile.
Submit Documentation: Provide necessary documents for review.
Credit Assessment: Prospera assesses your creditworthiness and offers pre-approval terms.
Get Pre-Approved: Know your borrowing capacity and confidently shop for a home.
How to Get Mortgage Rates
Mortgage rates vary depending on market conditions, your credit score, and the loan type. To secure the best rate:
Consult with RateShop Brokers: They compare rates from multiple lenders, including Prospera.
Check Promotions: Prospera periodically offers promotional rates or discounts for members.
Negotiate: RateShop brokers can often negotiate better terms on your behalf.
Mortgage Pre-Payment Options
Prospera offers flexible pre-payment privileges:
Annual Lump-Sum Payments: Pay up to 20% of the original mortgage principal each year.
Double-Up Payments: Option to increase monthly payments to pay off the mortgage faster.
Early Renewal Options: Renew your mortgage early to take advantage of lower rates.
Discover why RateShop recommends Prospera Credit Union for your mortgage needs!
As Seen And heard on
Quick Links
Calculators
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.
Copyright 2025. RateShop Canada. All Rights Reserved.