Renewing your mortgage

You can never step into the same river twice

Things have changed since you set up your mortgage. Now that it's time to renew, a Vancity mortgage specialist can help you reassess your needs and goals. Add a creditline or change the term. Maybe your cashflow has improved and you want to pay off your mortgage early by changing the payment schedule. We can structure the mortgage to fit any circumstance.

So give us a call and let’s talk about renewing. We’ll give you a competitive and a guaranteed rate – which means you’re protected even if rates are higher on your renewal date.  And if rates fall lower, we’ll give you the lowest rate within 90 days prior to your maturity date - guaranteed.

Renewing your Vancity mortgage is easy, and as part of our Shared Success program , you'll continue to receive an annual rebate on the interest you pay.

Even if it's not time to renew, you may want to restructure your mortgage to use your home's equity. Talk to one of our dedicated mortgage renewal specialists and find out about a Creditline mortgage.

Buying a new home

If you're planning on selling your home to purchase another, it might make sense to transfer the remainder of your mortgage over to the new property. You benefit from the rate and term you originally negotiated and there's no prepayment penalty for settling the original mortgage early. This is known as porting a mortgage.

Assumption of the mortgage

The buyer of your home, if qualified, may want to assume the remainder of your mortgage. Your original rates may be lower than what the buyer could get now. If you're downsizing, this can help you avoid prepayment penalties on the remainder of the term.