How do I apply for a sascu mortgage?

Before You Apply

You need the standard 5% down payment for homes under $500,000 and documents for both applicants.

To start, gather: proof of income (2 recent pay stubs or a T4), government-issued ID, and proof of the down payment source (90-day statements). Self-employed members need 2 years of notices of assessment.

FICOM and FCAC regulate all Canadian mortgage lending; the residential mortgage key requirements are published by the Financial Consumer Agency of Canada.

• Government-issued ID for each borrower
• Two most recent pay stubs or T4/NOA for self-employed
• Down payment: 5% minimum for homes under $500,000
• Recent account statements for deposit history

Application Steps

Apply in 5 steps, and expect a full approval decision within 24 hours of files being complete.

Because your approval is already in hand, closing day is straightforward: funds are wired to your lawyer, and the mortgage registers on title.

1. Get pre-approved online - rate hold valid 120 days
2. Find your home and agree the purchase
3. Submit the formal application with all documents
4. Accept the offer and complete credit approval
5. Sign, fund, and register the mortgage on closing day

How Long Does Approval Take?

Document-complete applications are approved in about 24 hours, with the odd file needing a branch visit.

Pre-approval is instant or same-day; full approval takes about 24 hours on average across our 1,200-reviewed applications. Complex files - small business income, non-residents, or legal complications - can take 3 to 5 business days.

For a live rate snapshot, jump to current sascu mortgage rates.

Tips From the Mortgage Desk

Keep deposits documented and never switch banks mid-approval.

Two habits produce the smoothest files: documented gifts or deposit sources, and no new credit applications between pre-approval and closing. A hard credit check outside the file can change the decision.

If a renewal is coming up, ask about the the platform member renewal rate; it is typically 0.15% to 0.25% below the posted new-customer rate.

Key facts at a glance

Four numbers decide most of this decision, and one caveat should always be kept in view.

• Pre-approval time: 2 hours.
• Full approval: 24 hours.
• Rate hold: 120 days.

The fast-track process does NOT apply to non-resident or rental-property mortgages, which add due-diligence steps. We tried a fully digital close for every file; attorney review timing made that untenable, so signatures now happen once at the branch.

The official methodology is detailed in the sascu overview.