5-year Fixed Term Fixed Rate Insured Mortgage

Whether you're buying your first home, moving to a new home, or renewing an existing mortgage, choosing a fixed term fixed rate insured mortgage means you won't have to worry about interest rate fluctuations during your 5-year mortgage term.

What is an insured mortgage?
A mortgage needs to be insured when a borrower does not have the 20% down payment (high-ratio) needed for a conventional mortgage. But there's good news. Home ownership may still be possible because you may be able to buy a home for as little as 5% down if you also buy mortgage default insurance.

Additional criteria for an insured mortgage includes all of the following:

• Residential owner-occupied homes.
• Homes with a purchase price of less than $1 million.
• Up to 25-year amortization.

With a fixed-term mortgage, you can:

• Enjoy a predictable payment schedule (weekly, bi-weekly, monthly, or semi-monthly)
• Get some repayment flexibility, with options to:
  • Prepay up to 20% of your principal amount once per mortgage year, and
  • Save money by opting to increase payments by up to 20% once per mortgage year
• Always know exactly what your mortgage payment will be, no matter how interest rates change during your term

Enjoy a Rate Guarantee

Your fixed rate can be guaranteed up to 120 days¹ before the closing date of your home.
If interest rates go up during that time, you'll still receive the lower rate.

And if you are transferring your existing mortgages from another financial institution to Vancity, you can take advantage of our 120-day rate guarantee². We will guarantee your interest rate for up to 120 days from the pre-approval date.

¹120 day rate guarantee is only applicable for mortgage applications pre-approved on or after November 18, 2022.

² Available for all mortgage types and terms except the 5-year Closed Term Fixed Rate Mortgage. If the mortgage is not funded within the 120 day period, the interest rate guarantee expires. This offer is subject to change or may be withdrawn without notice at any time.