Open-term Homeprime mortgage

Pay it off faster, no prepayment fee.

5 years
Up to 30 years
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Great if

You’re comfortable with a variable rate and plan to pay off your mortgage very quickly with a lump sum.

Key features.

Variable interest rate, fixed payments.

When the variable rate goes down, more of your payment goes towards the principle. When the variable rate goes up, less of your payment goes toward the principle. To maintain your amortization schedule, we recommend you increase your payments when the variable rate increases.

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.

Option to convert interest rate from variable to fixed at any time*

You can convert this variable mortgage to a fixed-rate mortgage for the remaining term or longer. This flexibility means that when your life circumstances change, you can make changes to your mortgage too.

Choice of payment frequency

Make payments weekly, bi-weekly, monthly or semi-monthly. You can also choose accelerated payments, which divides your monthly payment by two (for bi-weekly) or four (for weekly), so you’re making the equivalent of one extra monthly payment per year. Paying more frequently will save you interest and shorten the time it takes to pay off your mortgage.

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.

Homeprime (variable) rate††: 6.95%

Homeprime rates are tied to the Vancity Prime rate. The current Homeprime rate is effective as of July 1, 2024. Any changes to the Vancity Prime rate will be seen in the Homeprime rate at the beginning of the calendar month.

Rates (APR) as of 2024-07-06
5-year Homeprime fixed-term (Vancity Homeprime rate - 0.40%)†† 6.55%
5-year Homeprime open-term (Vancity Homeprime rate + 3.30%)†† 10.25%
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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.

Explore insured mortgages



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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