5-year fixed-term fixed-rate insured mortgage

Fixed rate with only 5% down.

5 years
Up to 25 years
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Great if

You have less than the 20% down payment needed for a conventional mortgage.

What’s an insured mortgage?

If you don’t have a 20% down payment for a conventional mortgage, you will need CMHC mortgage insurance, which is arranged through Vancity and pro-rated into your payment. With mortgage default insurance, you may be able to buy a home for as little as 5% of the first $500,000 of lending value and 10% of the remainder of the lending value up to a maximum value of $1 million.

Insured mortgages must also meet the following criteria:

Key features.

Peace of mind and predictable budgeting.

With a fixed-rate mortgage, you get the same interest rate for the entire term of your mortgage, so you can count on making the same payment every month.

Financial flexibility.

A re-advanceable feature allows you to diversify your interest rate risk by splitting your mortgage into Homeprime (variable rate) and fixed-rate components.

More to love about this mortgage.

Choice of payment frequency

Make payments weekly, bi-weekly, monthly, semi-monthly, accelerated weekly or accelerated bi-weekly. Paying more frequently will save you interest and shorten the time it takes to pay off your mortgage.

Options to prepay

Get some repayment flexibility, with options to prepay up to 20% of your original balance once per mortgage year and increase payments by up to 20% once per mortgage year.

Bring this mortgage with you if you move

When you buy a new home, you can transfer this mortgage to your new property and keep the same terms and conditions, including the interest rate.

Ability to assign the mortgage to another party

Transfer your mortgage with the original rates and terms to someone else. If you’re selling your home, this can give you a market advantage if current rates are higher than when you first took on your mortgage.

Cash back

Take out a 3, 4, 5, 7 or 10-year fixed-term fixed-rate mortgage, and we’ll give you cash back up to 5% of the mortgage principal, or up to 2% of the mortgage principal for mortgages transferred from another institution.

Current rates.

Rates (APR) as of 2024-02-10
5-year fixed-term insured residential 5.09%¤
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Buy your first home with less.

With CMHC mortgage loan insurance, you could put as little as 5% down on the first $500,000 and 10% on the rest for a home that costs under $1 million. You’ll also get a reasonable interest rate, even with your smaller down payment.

Learn how to build your down payment



You are at least 19 years old.


You live in British Columbia and have a BC address.


The home you’re looking to purchase or build is in British Columbia.


You pass the stress test.

The stress test is a formula set by the Federal Government to ensure you’ll be able to afford your mortgage. To pass the stress test, you'll need to qualify at the greater of the contractual mortgage rate plus 2%, or the OSFI Minimum Qualifying Rate (5.25%, as of December 15, 2022).

Take the next step.

Find a specialist near you

Interested in a new mortgage or refinancing? Browse our mortgage specialists to connect with someone in your area.

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Talk through your questions

For general mortgage inquiries or help with renewing your mortgage, book a time that works for you and we’ll give you a call back.

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