Servus Credit Union
Is Part of RateShop Mortgage's Trusted Canadian Lender Network
Servus Credit Union: Comprehensive Mortgage Solutions for Every Borrower
History as a Mortgage Lender in Canada
Founded in 1938, Servus Credit Union is a cornerstone of Alberta’s financial landscape. As Canada’s second-largest credit union, Servus serves more than 380,000 members and manages over $18 billion in assets. Its member-centric approach ensures borrowers receive flexible and fair mortgage options, supported by decades of experience.
Types of Mortgage Products & Programs
Servus Credit Union, in partnership with RateShop Mortgages, offers a wide range of residential and commercial mortgage solutions:
Residential Mortgage Products:
Fixed-Rate Mortgages: Consistent payments for the entire term, offering predictability and stability.
Variable-Rate Mortgages: Market-based interest rates with the potential for savings over time.
Hybrid Mortgages: Combines fixed and variable rates for a balanced approach.
Cashback Mortgages: Receive a portion of the loan amount as a cashback incentive upon closing.
Refinancing Options: Consolidate debt or access home equity for major purchases.
Commercial Mortgage Products:
Financing for multi-residential, retail, office, and mixed-use properties.
Loans for agricultural and industrial businesses.
Development and construction financing for commercial projects.
Specialized Programs:
First-Time Home Buyer Plans: Guidance and support with programs like the federal First-Time Home Buyer Incentive.
New to Canada Mortgages: Welcomes newcomers with limited Canadian credit history.
Self-Employed Borrower Options: Flexible underwriting to account for non-traditional income sources.
Bridge Financing: Short-term loans for closing gaps between property transactions.
Minimum Credit & Income Requirements
Servus Credit Union accommodates a wide variety of borrowers, ensuring flexible options for different financial situations:
Eligibility Criteria by Borrower Type:
First-Time Home Buyers:
Minimum Credit Score: 620-650 for insured mortgages.
Down Payment: Starting at 5% with insurance.
Salaried and Contract Employees: Proof of steady income via pay stubs or employment contracts.
Self-Employed Borrowers: Income documentation may include bank statements or business financials.
Newcomers to Canada: Flexible credit requirements and proof of income, with alternative documentation options.
Credit-Challenged Borrowers: Higher down payments may improve approval chances.
We'll find great rates like this one from one or our several lending partners across Canada.
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*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
Servus Credit Union balances flexibility with prudent lending to ensure financial security for borrowers and the credit union:
Credit Score: Minimum requirements start at 620, though alternative assessments are available.
Debt Service Ratios:
GDS: Housing costs should not exceed 39% of gross income.
TDS: Total debt obligations should not exceed 44% of gross income.
Income Verification: Diverse documentation options for traditional and non-traditional income.
Down Payment Requirements: Minimum 5% for insured loans, 20% for conventional mortgages.
Property Appraisal: Ensures the home value aligns with the mortgage amount.
Locations Serviced and Branch Presence in Canada
Servus Credit Union operates exclusively in Alberta, with over 100 branches across the province, from urban centers like Edmonton and Calgary to smaller communities. Members can also access digital banking services for seamless mortgage management.
RateShop Mortgages extends Servus’ reach by offering online tools and expert guidance to borrowers nationwide, ensuring easy access to Servus’ mortgage products.
Mortgage Application Checklist
To streamline the mortgage application process, gather the following:
Valid government-issued ID.
Proof of income: Pay stubs, tax returns, or business financials.
Down payment verification: Savings account statements or gift letters.
Recent credit report (optional, as Servus will conduct a credit check).
Purchase agreement for the property, if applicable.
How to Start a Mortgage Pre-Approval
Pre-approval with Servus Credit Union via RateShop Mortgages is straightforward:
Submit an Online Application: Complete RateShop’s secure application form.
Upload Required Documents: Include identification, income proof, and down payment evidence.
Broker Consultation: Work with RateShop’s brokers to find the best Servus mortgage product.
Receive Pre-Approval: Provides a rate guarantee for 90-120 days and sets your borrowing limit.
How to Get Mortgage Rates
Servus Credit Union offers competitive rates tailored to borrowers’ needs. To access rates:
Use RateShop Mortgages’ rate comparison tool for real-time rates.
Speak to a RateShop broker to explore custom options and negotiate the best terms.
Mortgage Pre-Payment Options
Servus Credit Union empowers borrowers with flexible pre-payment options:
Annual Lump Sum Payments: Pay up to 20% of the original principal annually without penalties.
Double-Up Payments: Make additional payments alongside regular installments.
Increase Payment Frequency: Opt for accelerated payment schedules to reduce the loan term.
Together, RateShop Mortgages and Servus Credit Union offer:
Competitive rates tailored to individual financial situations.
Personalized service with a focus on member satisfaction.
Flexible solutions for salaried, self-employed, and first-time home buyers.
Whether you're buying your first home, upgrading, or investing, RateShop Mortgages and Servus Credit Union are here to make the journey seamless. Start your mortgage process today!
Minimum Credit & Income Requirements
Servus Credit Union accommodates a wide variety of borrowers, ensuring flexible options for different financial situations:
Eligibility Criteria by Borrower Type:
First-Time Home Buyers:
Minimum Credit Score: 620-650 for insured mortgages.
Down Payment: Starting at 5% with insurance.
Salaried and Contract Employees: Proof of steady income via pay stubs or employment contracts.
Self-Employed Borrowers: Income documentation may include bank statements or business financials.
Newcomers to Canada: Flexible credit requirements and proof of income, with alternative documentation options.
Credit-Challenged Borrowers: Higher down payments may improve approval chances.
Mortgage Underwriting Criteria for Approval
Servus Credit Union balances flexibility with prudent lending to ensure financial security for borrowers and the credit union:
Credit Score: Minimum requirements start at 620, though alternative assessments are available.
Debt Service Ratios:
GDS: Housing costs should not exceed 39% of gross income.
TDS: Total debt obligations should not exceed 44% of gross income.
Income Verification: Diverse documentation options for traditional and non-traditional income.
Down Payment Requirements: Minimum 5% for insured loans, 20% for conventional mortgages.
Property Appraisal: Ensures the home value aligns with the mortgage amount.
Locations Serviced and Branch Presence in Canada
Servus Credit Union operates exclusively in Alberta, with over 100 branches across the province, from urban centers like Edmonton and Calgary to smaller communities. Members can also access digital banking services for seamless mortgage management.
RateShop Mortgages extends Servus’ reach by offering online tools and expert guidance to borrowers nationwide, ensuring easy access to Servus’ mortgage products.
Mortgage Application Checklist
To streamline the mortgage application process, gather the following:
Valid government-issued ID.
Proof of income: Pay stubs, tax returns, or business financials.
Down payment verification: Savings account statements or gift letters.
Recent credit report (optional, as Servus will conduct a credit check).
Purchase agreement for the property, if applicable.
How to Start a Mortgage Pre-Approval
Pre-approval with Servus Credit Union via RateShop Mortgages is straightforward:
Submit an Online Application: Complete RateShop’s secure application form.
Upload Required Documents: Include identification, income proof, and down payment evidence.
Broker Consultation: Work with RateShop’s brokers to find the best Servus mortgage product.
Receive Pre-Approval: Provides a rate guarantee for 90-120 days and sets your borrowing limit.
How to Get Mortgage Rates
Servus Credit Union offers competitive rates tailored to borrowers’ needs. To access rates:
Use RateShop Mortgages’ rate comparison tool for real-time rates.
Speak to a RateShop broker to explore custom options and negotiate the best terms.
Mortgage Pre-Payment Options
Servus Credit Union empowers borrowers with flexible pre-payment options:
Annual Lump Sum Payments: Pay up to 20% of the original principal annually without penalties.
Double-Up Payments: Make additional payments alongside regular installments.
Increase Payment Frequency: Opt for accelerated payment schedules to reduce the loan term.
Together, RateShop Mortgages and Servus Credit Union offer:
Competitive rates tailored to individual financial situations.
Personalized service with a focus on member satisfaction.
Flexible solutions for salaried, self-employed, and first-time home buyers.
Whether you're buying your first home, upgrading, or investing, RateShop Mortgages and Servus Credit Union are here to make the journey seamless. Start your mortgage process today!
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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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