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Closed Term Fixed Rate mortgage

If you want a simple mortgage with predictable payments and a low rate that’s guaranteed for 5 years, consider the Closed Term Fixed Rate mortgage. 

You can borrow to purchase a home priced less than $1 million as long as you plan to live in it yourself.

Features and benefits

  • Have as low as a 5% down payment*
  • Enjoy predictable payments with a fixed interest rate
  • Choose a weekly, bi-weekly, semi-monthly, or monthly payment schedule
  • Choose to repay your mortgage faster:
  • Prepay up to 20% of your original mortgage amount once a year
  • Increase payments by up to 20% once a year
  • Bring this mortgage with you if you move to another property within the 5-year term, with its current rate and conditions

 *For a home purchased at $500,000 or less, the minimum down payment is 5%. For homes purchased between $500,000 and $1 million, the minimum down payment is 10% on the portion of the purchase price above $500,000.


  • The property purchase price must be less than $1,000,000
  • You must plan to live in the home 
  • If the home is sold within the 5-year term, the mortgage can be repaid in full with penalty
  • This mortgage can't be transferred to another financial institution during the 5-year term
  • This mortgage can't be combined with an existing mortgage to blend interest rates or extend the term
  • The original mortgage amortization which is the number of years over which the repayment of your mortgage is calculated cannot be extended, or the outstanding mortgage balance increased  
  • You are not able to borrow against the equity in your home during the 5-year term

Comparison against Vancity’s Fixed Term Mortgages

When it comes to financing your home, it’s important to understand the differences between the types of mortgages available so you can feel confident about the one you choose. The table below shows an "at a glance" summary of the differences between the Closed Term mortgage and our Fixed Term mortgages. 

Closed Term Fixed Rate mortgage featuresFixed Term Fixed Rate mortgage featuresHomeprime Fixed Term (Variable) Rate mortgage features
Term length 5 year term only 6 months to 10 years 5 year term only
Maximum property purchase price Less than $1 million No limit No limit
Maximum mortgage amortization Up to 300 months (25 years) Up to 360 months (30 years) Up to 360 months (30 years)
Lump sum payment Once per mortgage year without pre-payment fees, borrowers can
  • prepay up to 20% of the original principal amount of the mortgage, and
  • increase the mortgage payments up to 20%.
Same as Closed Term Fixed Rate mortgage Same as Closed Term Fixed Rate mortgage
Eligibility Borrower must use the home as their primary residence Borrower could purchase for revenue purposes or use the home as their primary residence Borrower could purchase for revenue purposes or use the home as their primary residence
Able to use equity in your home No Yes Yes

Mortgage rates

View our current mortgage rates.

Mortgage glossary

These mortgage terms and definitions will help you to understand different lending terms you may encounter.

How to apply

You can book an appointment for a Vancity mortgage online, or over the phone by calling Member Services Centre at 604-877-7000 or toll free at 1-888-Vancity (826-2489).

You can also contact a Vancity mortgage specialist to discuss mortgage options, ask questions, and receive personalized mortgage advice. Our specialists will travel to meet you at your home, office, or any other convenient location. Find a mortgage specialist in your area.

Book an appointment