Types of mortgages

Mortgage TypeOverviewKey Features
Open-term mortgage Get total repayment flexibility—ideal for homeowners who plan to repay their mortgage ahead of schedule.
  • Choose terms of 6 months to 5 years
  • Enjoy the flexibility of repaying any portion of your mortgage at any time with no penalty

Closed Term Fixed Rate mortgage

Get a low interest rate guaranteed for 5 years, predictable fixed payments, and the flexibility to prepay annually a portion of your mortgage ahead of time.

  • Up to a 25-year amortization period. That means that the lifetime amount of principal and interest will be paid in full after 300 months.
  • Once a year prepay up to 20% of your original mortgage amount and increase your payments up to 20%
  • Borrow to purchase a property priced up to $1 million
  • Learn more
  • Apply now
Fixed-term mortgage Get a lower interest rate, a predictable payment schedule, and the option to repay a portion of your mortgage ahead of time.
  • Choose terms of 6 months to 10 years
  • Enjoy a lower interest rate and predictable payments
  • Prepay or increase payment amounts by up to 20% once per mortgage year
  • Cash back option available*
Fixed rate mortgage Get the predictability of paying the same interest rate for the entire term of your mortgage.
  • Choose an open or fixed term mortgage
  • Borrow up to 95% of the value of your home
  • Enjoy a predictable payment schedule and interest rate
  • Cash back option available*
Homeprime mortgage
(Variable rate)
Combine a usually lower interest rate with the security of fixed monthly payments.
  • Choose an open- or fixed-term mortgage of 5 years
  • Benefit from a lower interest rate and predictable payments
  • Choose an amortization of up to 30 years
  • Convert to a fixed-term mortgage any time
Creditline mortgage Enjoy total repayment flexibility, plus available credit that increases as you pay off your balance.
  • Use your home equity to fund anything you want
  • Make payments as low as the interest only
  • Convert to a fixed-term mortgage at any time
Mixer mortgage Afford the home you want by sharing the costs with a partner, family members, roommate, or friends.
  • Share the deposit, mortgage, and other costs with one or more co-owners
  • Get flexible payment options, portability, assumability, and competitive rates
  • Gain peace of mind knowing each owner is covered by life insurance
Construction mortgage Get financing designed to help you build your own home or a residential building of up to four units.
  • Get a 90-day guarantee on the mortgage terms and interest rate
  • Minimize up-front costs by paying interest only for up to 18 months
  • Get up to 80% of the value of the home(s) you plan to build
Home renovation options Explore affordable financing options for renovating your home or making it more energy-efficient.
  • Look into home equity loans and other options
  • Consider a lower-interest Bright Ideas loan for energy-saving renovations
Laneway mortgage Finance the development of a laneway house on your property.
  • Enjoy a preferred rate on a 5, 7, or 10-year fixed-rate mortgage
  • Get up to 2% cash back* when you transfer an existing mortgage to Vancity
  • Get a free appraisal of your home and free legal support for the project
Environmental options Explore loans, rebates, and incentives designed to help you finance energy-efficient renovations for your home.
  • Look into a range of environmental financing options, including the Bright Ideas home renovation loan
  • Save money on your CMHC high-ratio mortgage insurance
  • Take advantage of rebates and incentives from BC Hydro, FortisBC, and more
Springboard Program This program helps low-income individuals qualify for home ownership, even if they have no money saved for a down payment.
  • Purchase a home worth up to $300,000 with no down payment
  • Qualify for a loan with no prior home ownership experience
  • Receive guidance, support, and financial training to help you manage your debt wisely

*Take out a 3, 4, 5, 7 or 10-year fixed-term mortgage, and we will give you cash back in an amount of up to 5% of the mortgage principal, or up to 2% of the mortgage principal for laneway mortgages transferred from another institution. Cash back is paid on the date the mortgage is funded. If the mortgage is not funded, no cash back will be paid. If you choose to break your mortgage commitment for any reason prior to maturity, you will be required to repay a portion of the cash back received.