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.
