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Servus Credit Union Mortgage of february 2023

Apply for Mortgage from Servus verified by our specialists. On 08.02.2023 you have access to 2 home loans with a low rate. Increase your chances of getting money — fill out a multi-application with a free credit rating check.

Offers: 2

Updated
31.01.2023
12:13
Fixed-rate open mortgage
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
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Effective interest rate on the product

7.00% to 8.25%

Get 1% cashback on your mortgage value (Up to $9,250*) mortgage cashback

Fixed-rate closed mortgage
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

5.19% - 6.14%
Term
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Loan term for the financial product

5 years

Calculation of a mortgage loan at any bank
Loan amount
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Specify the desired loan amount

CAD
CAD
USD
50000 C$
1000000 C$
Loan amount
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Loan amount

CAD
CAD
USD
50000 C$
1000000 C$
Down payment
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Specify the percentage of the down payment

%
C$
5
90
Your loan amount
C$
Loan term
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Specify the loan term for the calculation

years
months
1
30
Interest rate
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Choose the interest rate on the loan

1 %
30 %
Type of payments
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Specify the type of payment for calculating

Online application for a mortgage

Mortgage amount:
200000 C$
2500000 C$
Term:
5
30 years
Online application for a mortgageOnline application for a mortgageOnline application for a mortgageOnline application for a mortgageOnline application for a mortgage
Your data is securely protected. Will not affect your Credit Score.
Loan amount
0 C$
Loan term
0 months
Monthly payment*
40 383 C$
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Types of mortgage loans

GoDay
1.6
JUDGEV
JUDGEV
26.05.2022 at 15:46
the application is easy and takes less then 5 mins to fill out. but the funding time is quite long. if looking for instant funding then its not here...
Review
Servus Credit Union Mortgage of february 2023

Types of Servus mortgages

Servus Credit Union offers fixed-rate mortgages with both open and closed terms. In addition, when signing a mortgage with Servus, you will earn Profit Share Rewards® cash every year.

  • Fixed-rate closed mortgage

With a fixed-rate closed mortgage, your interest rate remains the same throughout the term. Lump-sum payments exceeding the allowed prepayment amount or early mortgage repayment in full will result in pre-payment penalties. Still, you can speed up your mortgage repayment by either making extra payments up to 20% of the mortgage principal or increasing your monthly payment by 20% once a year. The rates for Servus fixed-rate closed mortgages range from 5.19% (a special rate for a 5-year conventional mortgage) to 6.14%, depending on the term.

  • Fixed-rate open mortgage

With a fixed-rate open mortgage, your interest rate doesn’t change throughout the term, so you can still enjoy the stability of your regular payments. If you have extra cash, you can make a lump-sum prepayment or repay your mortgage in full at any time, penalty-free. The rates for Servus fixed-rate open mortgages range from 7.00% to 8.25% depending on the term.

How to apply for a Servus mortgage?

To apply for a Servus mortgage, you can fill out the mortgage request form on the Servus website. Once you do, expect a Servus advisor to get back to you in a couple of business days.

You can also have a Servus mortgage advisor come to you — go to the “Mortgage Advisors” page, select your city from the drop-down menu, and choose an advisor you'd like to talk to.

Or, you can visit a Servus branch near you and apply for a mortgage in person.

Requirements

To apply for a Servus mortgage, you must be an Alberta resident aged at least 18. 

When reviewing your application, Servus advisors will verify your income and credit score. So, having a steady source of income and a good credit score will increase the likelihood of getting favorable mortgage loan conditions.

Pros and cons

The benefits of Servus mortgages are:

  • Competitive interest rates
  • Both open and closed terms available
  • Earning Profit Share Rewards® cash annually
  • Easy and convenient mortgage management through digital banking services

Here are the disadvantages:

  • No variable-rate mortgage options
  • Servus mortgages are available to Alberta residents primarily

How to make a payment?

You can pay for your Servus mortgage by moving money from your Servus bank account to your loan through online, mobile, and telephone banking. Or, you can make a mortgage payment in person at your local Servus branch.

FAQ

How do I get a special rate for a Servus mortgage?

Special rates apply to mortgage loans for owner-occupied properties with a 25-year amortization or less. Special rates are subject to Servus lending criteria, plus other conditions may apply.

How much Profit Share Rewards® cash can I earn every year with my mortgage?

To get an idea about how much Profit Share Rewards® cash you can earn with your mortgage, use the Profit Share Rewards® calculator on the “Mortgage” page. Just enter your mortgage amount and see the result. For example, a $250,000 mortgage loan will bring you $425 in Profit Share Rewards® cash annually.

Will Servus secure the interest rate for me once I pre-qualify for a mortgage?

Upon getting a mortgage pre-approval, you will have the interest rate reserved for you for 120 days.