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Jul 4: No Mortgage Payments for 5 Months...

No Mortgage Payments for Five Months With Vancity's New Free for 5 mortgage

Vancouver, July 4, 2000 - With Vancity Credit Union's new Free for 5 mortgage, homeowners won't make a single payment for the first five months of their mortgage - saving them thousands of dollars.

With the Free for 5 mortgage, available now, there are no mortgage payments and Vancity will pay the interest on the mortgage for the first five months. The first payment is due in the sixth month of the mortgage. Vancity is the first financial institution in B.C. to offer this kind of product.

"Vancity members have told us they want owning a home to be easy, and paying it off to be easier," said Dave Mowat, CEO of Vancity Credit Union. "With our new Free for 5 mortgage, members can put their monthly mortgage payment and interest savings towards something else - like home renovations or their RRSP.

"When it comes to choosing your mortgage, nobody makes it easier than Vancity."

Potential savings with the Free for 5 mortgage plan:

Mortgage Amount Monthly payment Housing payment saved over 5 months
$125,000 $990 $4,950
$150,000 $1,188 $5,940
$175,000 $1,386 $6,930
$200,000 $1,584 $7,920

* rate as of June 16

The Free for 5 mortgage is available on new and transferred-in residential mortgages and refinanced mortgages. It has a five-year fixed term, and is not available on renewed mortgages. No payments are made against the principal. This offer is subject to withdrawal at any time.

Also available now is the new Free Legal mortgage. With Free Legal, Vancity will pay the legal fees associated with a mortgage. Available on most mortgage terms, this minimum one-year fixed-term mortgage frees up cash for home buyers at the time they need it most. Depending on the size and term of the mortgage, members may also qualify for an interest rate discount.

For information on the full range of Vancity mortgage products, contact any Vancity branch or call 877-7000 or 1-888-VANCITY.

Vancity is Canada's largest credit union, with $6.4 billion in assets, 262,000 members, and 39 branches throughout Greater Vancouver, the Fraser Valley and Victoria. Vancity owns Citizens Bank of Canada, serving members across the country by telephone, ATM, and the Internet. Both Vancity and Citizens Bank are guided by a commitment to corporate social responsibility.