* You must qualify for a mortgage using a minimum qualifying rate set by the federal government to show youâll be able to afford payments at an interest rate typically higher than the actual rate of your mortgage contract. As of Dec. 12, 2023, this minimum qualifying rate is either 5.25% or your interest rate plus 2%, whichever is higher.
To get a better estimate of what you could qualify for when using the Affordability calculator, complete your calculation and select the "Stress Test Rate" option if available or by using "enter your own rate" and adding 2%. The calculation assumes a constant interest at a fixed rate throughout the amortization period
These calculators are based on the data you have entered and for illustration purposes only. Any examples are hypothetical. The calculator is not an advertisement for any particular mortgage loan product, nor is it a part of the loan approval process. The applicability and accuracy of the calculations are not guaranteed. The calculator makes a number of assumptions that may or may not be correct or true in your particular circumstances. Vancity does not make any express or implied warranties or representations with respect to any information or results in connection with this calculator. Vancity will not be liable for any losses or damages arising from any errors or omissions in any information or results, or any action or decision made by you relying on any information or results. Actual mortgage rates may fluctuate and are subject to change at any time without notice. Mortgage prepayments may be subject to a prepayment charge. You may qualify for a larger mortgage amount based on other sources of income such as rental income. For mortgage approval you will typically need at least 5% of the purchase price as a down payment. Mortgage default insurance is mandatory for down payments between 5% and 19.99% of the purchase price. The calculator is for residential properties and mortgages. Additional conditions may apply. Please speak to one of our mortgage specialists to obtain a more detailed assessment of what mortgage products will work best for you.
¤ 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. As of August 1, 2024, qualified first-time home buyers purchasing new construction intended for homeowner occupancy, and who are required to purchase mortgage default insurance, will be able to amortize their mortgage over 30 years. CMHC insurance is subject to eligibility conditions, limitations and exclusions. 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.
