mortgage and investment

Street Capital Bank of Canada Review

One of the few financial institutions in Canada providing specialized banking products and services is the Street Capital Bank of Canada now known as RFA bank of Canada.

Operating as part of the Banks and Credit Unions industry, Street Capital Bank of Canada got recognition as one of Canada’s largest broker-channel sourced residential mortgage lenders.

With a particular interest in assisting Canadian homeowners and intending homeowners, the bank redefined its operations for better service delivery to its customers. Street Capital Bank of Canada, a subsidiary of Street Capital Group, became a household name among mortgage brokers and individual customers due to its exclusive real estate service.

After about ten years of successful residential mortgage lending, Street Capital Financial Corporation received approval to continue operations as a Schedule 1 Bank in Canada under the name Street Capital Bank of Canada.

About Street Capital Bank of Canada

Before the banking operations of Street Capital Bank of Canada, a residential mortgage lender, Street Capital Financial Corporation, was founded in 2007. As one of Canada’s largest residential mortgage lenders, the company provides specialized financial services to Canadians.

In 2007, the Office of the Superintendent of Finance (OSFI) approved Street Capital Bank of Canada to commence operations as a Schedule 1 bank. Street Capital Bank of Canada is a subsidiary of Street Capital Group Inc. and became a federally regulated bank providing residential mortgage loans through a network of independent mortgage brokers across the Canadian provinces (except Québec).

Street Capital Bank of Canada was recognized as Canada’s sixth-biggest broker channel lender by market share and an approved lender with the Canada Mortgage and Housing Corporation (CMHC).

Additionally, the bank has other financial products and services, including Guaranteed Investment Certificates (GICs), brokerage services, mortgage refinancing, etc.

After a year of its operation as a federally regulated bank, Street Capital Bank of Canada sought growth and expansion, thus agreeing to be bought by RFA Capital, a Canadian-owned investment company.

RFA Capital acquired Street Capital Bank’s shares at the rate of 68 cents ($0.68). As a result of the acquisition in 2019, the bank’s name was renamed RFA bank of Canada.

About RFA Bank of Canada

RFA Bank of Canada is a federally regulated Canadian-owned mortgage finance company and financial service provider. The bank is a member of the Canada Deposit Insurance Corporation (CDIC).

RFA capital uses its over 25 years of Canadian real estate experience to provide residential mortgage solutions to brokers and clients at industry-leading rates.

RFA Bank of Canada is a subsidiary of Realtor Financial Advisors (RFA), a Canadian-owned real estate investment and asset management company established in 1996.

As of the time of writing, RFA Bank of Canada provides specialized services to its numerous customers and brokers, including residential mortgage products and services, deposits and GICs, etc.

RFA Bank of Canada (Street Capital Bank of Canada) Products and Services

Before its acquisition by RFA Capital, Street Capital Bank of Canada provided residential mortgage solutions to Canadians, gaining recognition as one of the most successful residential mortgage lenders by the Canada Mortgage and Housing Corporation (CMHC).

With over 25 years of being actively involved in the Canadian real estate industry, RFA Capital Holdings, the parent company of RFA Bank of Canada, brings forth its vast experience to provide mortgage solutions to Canadians.

RFA Bank of Canada operates as a real estate investment financial institution with other banking services, such as Guaranteed Investment Certificates (GICs), construction loans, and more, to customers, deposit dealers, and mortgage brokers.

RFA Bank of Canada Mortgage for New Customers

New customers of RFA Bank of Canada can take advantage of the bank’s mortgage services and products in purchasing a home, refinancing or switching their mortgage providers.

1.        Purchasing a Home

With available flexible mortgage options, new customers of RFA Bank of Canada can purchase or own their dream home at competitive rates.

The homeownership program for new customers is designed to assist your home shopping needs, whether it’s your first home or investment property.

The bank provides mortgage products and services tailored to meet each customer’s requirements. You can easily calculate how much you can afford to pay with flexible terms and competitive rates.

2.        Mortgage Refinancing

RFA mortgage refinancing solutions are personalized services with flexible terms at competitive rates.

You can refinance your mortgage to get additional funds for other projects such as home renovations, travelling expenses, post-secondary education, and other related expenses.

You can also refinance your mortgage to consolidate your existing debts, get a lower rate, change your mortgage terms, or access additional funds.

3.      Switching Your Mortgage

You can benefit from RFA Bank’s flexible mortgage products by transferring your existing mortgage to the bank, regardless of where it is domiciled. RFA Bank of Canada has a team of specialists to guide you through the mortgage transfer process.

RFA Bank of Canada Mortgage for Existing Customers

RFA Bank of Canada provides customized real estate/mortgage products to its existing customers. These include:

1.      Mortgage Refinancing

Customers of RFA Bank of Canada can change their existing mortgage financing options. You can refinance your mortgage to get a lower rate, consolidate debts, change mortgage terms, or get access to additional funds.

Most times, the appraised value determines the amount of equity you can withdraw from your property.

Under the RFA Bank of Canada mortgage refinancing solution, you can only withdraw a maximum of 80% of the value of your property. Other factors that can determine your eligible equity withdrawal include your income, credit score, mortgage repayment history, and debt ratios.

2.      Mortgage Renewal

Regardless of the financial institution managing your mortgage services, you can renew your mortgage with RFA Bank of Canada.

The bank claims to offer an attractive renewal package at competitive rates to reduce interest charges, pay down existing debts faster, meet your changing financial goals and needs.

RFA Bank of Canada customers can renew their mortgage, 60 days before the mortgage’s maturity date, without requalification requirements.

RFA Bank of Canada Services for Mortgage Brokers

RFA Bank of Canada provides dedicated services to mortgage brokers by offering prime and non-prime products and services at industry-leading rates.

RFA Bank of Canada Investment Products and Deposit Services

 Customers of RFA Bank of Canada can put their money to work by investing in Guaranteed Investment Certificates (GICs) on the bank’s deposit services. The bank offers a full range of GICs, including non-registered, registered, and commercial GICs through nominee/self-directed dealers.

As a Canadian Deposit Insurance Corporation (CDIC) member, the bank ensures that customer’s deposits and investments are protected. RFA Bank’s GICs have a maturity of five years or less, with great flexibility.

1.      Cashable GIC

Cashable GICs or Term deposits are smart investments for short-term and long-term goals. These investments offer guaranteed returns and allow for saving on major purchases, living costs, or retirement. RFA Bank of Canada provides a one-year cashable GIC, redeemable after 90 days with convenient access to funds.

2.      Non-Redeemable GIC

Non-Redeemable GICs are specific term-based investments that offer a guaranteed fixed rate of return on the principal and interest. Non-redeemable GICs can be cashed out within the one to five-year terms.

TermMinimum DepositAnnualAnnual CompoundingSemi AnnualMonthly
1 Year$5,000.000.70%-0.65%0.60%
2 Years$5,000.000.82%0.82%0.77%0.72%
3 Years$5,000.001.00%1.00%0.95%0.90%
4 Years$5,000.001.20%1.20%1.15%1.10%
5 Years$5,000.001.20%1.20%1.15%1.10%
1 Year (Cashable after 90 days)$5,000.000.50%---

RFA Bank of Canada Membership

RFA Bank of Canada is a subsidiary of RFA Capital Holdings, one of Canada’s top-rated mortgage finance companies with vast years of Canadian real estate specialty. The bank is a member of the Canada Deposit Insurance Corporation (CDIC). GIC deposits and investments are eligible for CDIC protection, up to a maximum of $100,000.00

RFA Bank of Canada is also regulated by the Investment Industry Regulatory Organisation of Canada (IIROC) to provide GICs through IIROC-regulated deposit dealers.

RFA Bank of Canada Customer Service

You can contact the customer service team of RFA Bank of Canada for feedback, current rates, and account opening inquiries via the following channels:

Phone: 1-877-416-7873

Email: customerservice@rfabank.ca

Mail:

RFA Head Office

1, Yonge Street, Suite 2401

Toronto, ON

M5E 1E5

RFA Bank of Canada Editor’s Review

RFA Bank of Canada (Formerly Street Capital Bank of Canada) provides specialized mortgage products and services to Canadians. As an experienced real estate specialist, the bank is a solution hub for many homeowners, brokers, investors, and deposit dealers. 

RFA Bank of Canada is ideal for new customers and existing homeowners looking to purchase a new home, refinance their mortgage, renew their mortgage, or switch their mortgage service provider.

However, you should carefully check the rates offered by RFA Bank on mortgage and GIC deposits, compared to interest rates offered by competitors and other major Canadian banks.

FAQs

Does RFA Bank of Canada offer insurance services?

RFA Bank of Canada helps to protect your most valued investment – your home. The bank offers its mortgage clients a Credit Security Plan life and disability insurance. The Credit Security Plan protects your family’s home and other important financial assets.

How can I buy RFA Bank’s GIC?

You can purchase RFA Bank’s GIC products through any of its accredited and regulated deposit dealers.

Can I move an existing mortgage to a new property?

As a customer of RFA Bank of Canada, you can move your existing mortgage from your old property to a new property. This process is known as Port Mortgage. The process helps you to avoid prepayment charges and keep your current interest rates and term.

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