Our guide to Steinback Credit Union mortgages

James Rodriguez James Rodriguez updated on 2022-03-31

When it comes to mortgages, there are a lot of things to think about. What’s the interest rate? What’s the term? Do you want a fixed or a variable interest rate?

There are lots of important questions to ask when you’re shopping around for a mortgage. But at the top of that list is without a doubt, "which mortgage lender should you work with?"

Each lender has its own set of pros and cons, so it’s important to understand the differences before you decide which one is right for you. In this review, we take a close look at Steinback Credit Union mortgages and their current rates.

About Steinback Credit Union

Established in 1941, SCU (Steinbach Credit Union) is Manitoba’s largest credit union and the eighth largest in Canada, with over $7 billion in
assets. As well as mortgages, they offer a wide range of mortgages, including: investing, borrowing, credit cards and insurance. SCU serves more than 100,000 members in their three branches located in Winnipeg and Steinbach.

Our review of Steinback Credit Union

Steinback Credit Union's website is simple, making your mortgage search easier. Whether you are looking for a new mortgage, refinancing or wanting to switch to SCU, they have full pages detailing all the information for you. We like the ools and resources made available on the website, including calculations and tips on saving on your mortgage.

Steinback Credit Union mortgage pros and cons

Here are some of the advantages and disadvantages of Steinback Credit Union mortgages:

Why Steinback Credit Union might be right for you:

Capped variable rates
Pre-approvals are easy
Range of useful tools and resources online

Why Steinback Credit Union might not be right for you:

Branches are only located in Winnipeg

To find the best mortgage rates, it is important to weigh quotes from different lenders. Subtle differences in the interest rates, term lengths and fine print can mean tens of thousands of dollars over the course of the mortgage. Use our free, online mortgage rates comparison tool today to help you find the perfect provider!

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Get the best mortgage rates in just seconds

What types of mortgages does Steinback Credit Union offer?

Below is a table showing some details about the different mortgage plans Steinback Credit Union offers. Most providers will offer a variety of mortgage options.

Coverage typeOnline pre-approvalDown paymentOnline calculator
Home mortgages As little as 5% down payment needed
Condominium mortgages As little as 5% down payment needed
Renovation mortgages -
Self-build mortgages Up to 30 years’ amortization with a 20% down payment
Contract-build mortgages Prepay up to 20% of the original principal
Rental property mortgages 20% down payment on up to a 30-year amortization schedule
Vacation property Prepay up to 20% of the original principal amount yearly with no penalty
New to Canada mortgages Up to 30 years’ amortization with a 25% down payment
Steinback Credit Union mortgage details

What mortgage rates does Steinback Credit Union offer?

There are two main types of mortgage rates in Canada: fixed and variable rates.

Fixed-rate mortgages are a great option for people who want to know exactly what their interest rate will be throughout the entire course of their loan term. With a variable rate, your payments change based on market conditions. This could mean rates that go up over the course of the term.

Below are some of the mortgage rates Steinback Credit Union offers:

Rate Type

Term Length



1 year



2 years



3 years



4 years



5 years


Closed variable



Open variable



Steinback Credit Union's mortgage rates

Want to compare mortgage rates in Canada from other lenders? You can for free, and anonymously right on this website.

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How do I contact Steinback Credit Union?

If you are a SCU member, you can contact them on:

Steinbach area 204-326-3495
Winnipeg 204-222-2100
Toll-free North America 1-800-728-6440

Mon - Fri: 8:00 a.m. - 8:00 p.m. (CT)
Sat: 8:00 a.m. - 4:00 p.m. (CT)

Our Steinback Credit Union mortgage calculator

Want to calculate what your Steinback Credit Union mortgage will look like? We have some tools right here on our website that can help:

Our mortgage payment calculator lets you see monthly payments and gives a yearly amortization schedule.

Our mortgage affordability calculator will help you determine how large a mortgage you can get.

Our mortgage default insurance calculator will tell you how much you'll owe for mortgage default insurance