Prospera Mortgage Lender Profile
Generally for British Columbia buyers and owners, including self-employed people and acreage owners, who want a local credit union rather than a bank.
Who they are
Prospera Credit Union is a member-owned financial cooperative in British Columbia. It was formed in 2002 through the merger of Edelweiss Credit Union and Fraser Valley Credit Union, both of which date to the 1940s, and it grew substantially in 2020 by merging with Westminster Savings Credit Union, creating one of the province's largest credit unions. Prospera reported roughly 115,600 members and about $7.5 billion in assets, and it operates 24 branches across the Lower Mainland, Fraser Valley and Okanagan from its head office in Surrey. You can deal with Prospera directly, and it also accepts business from mortgage brokers.
What they lend on, and who for
Prospera lends across prime residential mortgages, commercial and business borrowing, and equipment and leasing finance. On the residential side it handles purchases, refinances, renewals and construction, with both insured and uninsured options for members who qualify. As a provincially regulated credit union it underwrites in British Columbia, and it can apply judgment to files that automated bank systems decline, such as self-employed income or acreage properties. One practical point: you generally need to become a member of the credit union in order to complete a mortgage with it.
How to approach Prospera
You can contact Prospera yourself; nothing stops you. What you cannot easily find out is what they will actually accept. Which of their products sit outside the federal stress test, how they read income that does not arrive on a T4, and what they will approve as an exception — none of that is published in full anywhere, and it moves.
A licensed broker who places files with lenders like this every week knows those criteria, and more usefully knows how to structure a file so it lands inside them rather than just outside. On anything that is not a straightforward salaried purchase, that structuring is most of the difference between an approval and a decline. It costs you nothing on a prime mortgage — the lender pays the broker when it funds.
| Lender type | Credit Union |
| Trade name of | Coast Capital Savings Federal Credit Union |
| Head office | 2000 - 13450 102 Avenue, Surrey, BC V3T 5X3 |
| Website | prospera.ca |
| Phone | 1-888-440-4480 |
Get notified 90 days before your renewal
Your lender contacts you at 30 days, when you have no time to shop. We reach you at 90 — early enough to lock a hold and personalize your offers.
Borrower ratings for Prospera
In today’s world, reviews dictate the service industry. Brokers have taken the hit for bad lenders. We bring the consumer experience to light to help borrowers decide.
How quickly did they issue a commitment and get to funding?
Was the rate you got competitive for the product you qualified for?
Could you reach someone, and did they resolve things?
Portal, e-signing, document upload, online account — did it work?
Were the terms, fees and penalties clear before you signed?
Worked with Prospera?
Score them on the five things above. We confirm every review by email before it publishes, and we publish the bad ones too.
Questions about Prospera
Is Prospera a real mortgage lender?
Yes. Prospera is a credit union based in British Columbia. Its own site is prospera.ca.
What kind of lender is Prospera?
Credit Union. Provincially regulated, which means they are not bound by the federal stress test. That makes them the right answer for a specific and quite common kind of file.
Should I go to Prospera directly or through a broker?
You can approach them yourself. The reason most people do not is that a lender's real criteria — how income is read, what is accepted as documentation, what will be allowed as an exception — are not published, and they change. A broker who works with Prospera regularly knows them and knows how to present a file to fit them, which on anything other than a simple salaried purchase is usually what decides the answer. On a prime mortgage it costs you nothing either way, because the lender pays the broker when it funds.
Would Prospera approve me?
No profile page can answer that, and any site that tries is guessing. It turns on how your income is earned and how much of it a lender will count, your credit history, the property itself, and how much you need against what it is worth. Those are the questions a licensed broker asks before naming a lender — and they will tell you which ones realistically fit, this one included, and which would price it better.
Where does Prospera lend?
Its head office is in British Columbia. Lending areas change and are not always the same as where the lender is based — confirm current coverage with the lender or a broker before planning around it.
Would Prospera take your file?
Send us the details and a licensed broker will tell you which lenders fit — this one included, and the ones that would price it better.
Send us the file