Open-term fixed-rate mortgage

Consistent rate, no prepayment fee.

6 months, 1 to 3 years or 5 years
Up for 30 years
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Great if

You want predictable payments and the option to pay off your mortgage early with a lump sum.

Key features.

Peace of mind and predictable budgeting.

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.

Pay it off early with no prepayment fee.

Open-term mortgages let you make payments ahead of schedule without paying a prepayment fee. They’re a good choice if you think you’ll be able to pay off your mortgage early with an inheritance, a bonus or another large sum of money.

More to love about this mortgage.

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.

Financial flexibilty

A re-advanceable feature allows you to use part of your mortgage as a line of credit. You can take advantage of this feature to:

  • Fund home renovations
  • Consolidate your debt
  • Buy an investment property
  • Split your mortgage into Homeprime (variable rate) and fixed-rate components or switch your Homeprime portion to a fixed rate during the term of your mortgage
  • Manage your interest-rate risk by having portions of your mortgage mature at different times

With the re-advanceable feature, you won’t pay any legal costs on future refinancing; however other fees may apply.

Current rates.

Rates (APR) as of 2024-07-06
6-month open-term residential 9.60%
1-year open-term residential 9.60%
2-year open-term residential 8.34%
3-year open-term residential 7.95%
5-year open-term residential 7.79%
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Buy your first home with less.

With CMHC mortgage loan insurance, you could put as little as 5% down on the first $500,000 and 10% on the rest for a home that costs under $1 million. You’ll also get a reasonable interest rate, even with your smaller down payment.

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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).

Take the next step.

Find a specialist near you

Interested in a new mortgage or refinancing? Browse our mortgage specialists to connect with someone in your area.

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Talk through your questions

For general mortgage inquiries or help with renewing your mortgage, book a time that works for you and we’ll give you a call back.

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