LIMITED TIME RATE
Rates as low as 4.64%* when you pre-qualify or apply for an insured mortgage in-person today. Terms & conditions apply.
Learn more
Term
5 years
Amortization
Up to 25 years
You have less than the 20% down payment needed for a conventional mortgage.
If you don’t have a 20% down payment for a conventional mortgage, you will need CMHC mortgage insurance, which is arranged through Vancity and pro-rated into your payment. With mortgage default insurance, you may be able to buy a home for as little as 5% of the first $500,000 of the purchase price and 10% of the remainder up to a maximum value of $1 million.
Insured mortgages must also meet the following criteria:
With a fixed-rate mortgage, you get the same interest rate for the entire term of your mortgage, so you can count on making the same payment every month.
Get some repayment flexibility, with options to prepay up to 20% of your original balance once per mortgage year and increase payments by up to 20% once per mortgage year.
Choice of payment frequency
Make payments weekly, bi-weekly, monthly, semi-monthly, accelerated weekly or accelerated bi-weekly. Paying more frequently will save you interest and shorten the time it takes to pay off your mortgage.
Bring this mortgage with you if you move
When you buy a new home, you can transfer this mortgage to your new property and keep the same terms and conditions, including the interest rate.
Ability to assign the mortgage to another party
Transfer your mortgage with the original rates and terms to someone else. If you’re selling your home, this can give you a market advantage if current rates are higher than when you first took on your mortgage.
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5-year fixed-term fixed-rate insured residential To qualify for this rate you must:
See full terms & conditions. |
4.64%¤ |
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5-year fixed-term fixed-rate insured residential
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4.84%¤ |
You are at least 19 years old.
You live in British Columbia and have a BC address.
The home you’re looking to purchase or build is in British Columbia.
You pass the stress test.
The stress test is a formula set by the Federal Government to ensure you’ll be able to afford your mortgage. To pass the stress test, you'll need to qualify at the greater of the contractual mortgage rate plus 2%, or the OSFI Minimum Qualifying Rate (5.25%, as of December 15, 2022).
Apply, get pre-approved, or get tailored advice from our lending specialists today.
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¤ Only available to members with less than 20% down payment, a residential property with a purchase price under $1,000,000, the amortization is 25 years or less, owner occupied, and who are eligible for and purchase mortgage default insurance. All applicants must meet the Vancity lending criteria. The annual percentage rate (APR), compounded semi-annually, not in advance. The APR is for a mortgage of $100,000 with monthly payments and a 25 year amortization. APR assumes no fees apply. You may be required to pay additional fees which would increase your APR. Rate is subject to change or may be withdrawn without notice at any time.
*See full terms & conditions for in-branch promotional rate.
