April 19

Fixed or Variable? Variable or Fixed? New Vancity Rain Check™ Mortgage gives members time to decide

Vancouver, BC, April 19, 2010: With changing market conditions, it's important that members have flexible mortgage options available to meet their needs. That's why Vancity introduced today the Rain Check™ Mortgage program.* This offer allows members to take advantage of lower variable rates while deciding if a fixed rate works for them.

"The debate of whether to go fixed or variable is hot, and we know that our members are looking for the best mortgage solution to fit their needs," says John DeRose, Director of Mobile Mortgage Sales, Vancity. "With our new Rain Check Mortgage, members have built-in flexibility and time to decide what works best for them, while also knowing they are giving back to their community."

Like a typical ‘rain check' scenario where an individual has the opportunity to take advantage of an offer at a later date, even if no longer available, here is how the Rain Check Mortgage works: A member can opt to take a variable rate mortgage to test their comfort level. Within 90 days of funding their mortgage, the member can choose to convert that mortgage, without any penalties or fees, to a fixed rate. If fixed rates have increased within that 90 day period, the member gets either the fixed rate they qualified for at the time of initial funding, or the current fixed rate minus 15 per cent - whichever is higher. In either instance, the fixed rate the member receives will still be lower than if just starting funding on a fixed rate mortgage at that time.

"With Spring traditionally a peak home buying season, combined with the uncertainty over rising mortgage rates and the Bank of Canada's pledge to hold interest rates until the end of June, it has meant our members have lots of questions about mortgages and the future," adds DeRose. "We wanted to give people the option and the peace of mind that you have landed a great rate today, but you can also change your mind and still get a great rate tomorrow."

For mortgage advice or more information on the Rain Check Mortgage and to apply, visit www.vancity.com/raincheckmortgage, visit your local branch, or call 604.877.7000 (toll free 1.888.Vancity) to book an appointment with a Mortgage Development Manager.

About Vancity

Vancity is Canada's largest credit union, with $14.4 billion in assets, more than 414,000 members, and 59 branches throughout Metro Vancouver, the Fraser Valley, Victoria and Squamish. Vancity is guided by a commitment to improving the quality of life in the communities where we live and work.

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* Special Offers may be changed, withdrawn or extended at any time, without notice. Please visit our website for more details on terms and conditions. The discounted fixed rate is contingent on spread and subject to change.