Insured mortgage | fixed term, fixed rate

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Fixed rate with only 5% down.

LIMITED TIME RATE

Rates as low as 3.89%* when you pre-qualify or apply for an insured mortgage today. Terms available from 3 years. Terms & conditions apply.
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Term

3-5 years

Amortization

Up to 30 years

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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 the purchase price and 10% of the remainder up to a maximum value of $1 million.

Insured mortgages must also meet the following criteria:

Residential owner-occupied homes

A purchase price of less than $1 million

Qualified first-time home buyers purchasing new construction intended for homeowner occupancy, and who are required to purchase mortgage default insurance, will be able to amortize their mortgage up to 30 years.¹

Please note, after December 15, 2024, insured mortgages will be eligible on purchases of up to $1.5 million and amortize up to 30 years on new and existing builds.

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.

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.

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.

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.

Current rates.

Rates (APR)^¤ as of 2024-12-05
3-year fixed-term fixed-rate insured residential (special offer) To qualify for this rate you must: Open or already have an or Total Chequing account Set up a direct deposit from your employer or other income provider See full terms & conditions.	3.89%^¤
4-year fixed-term fixed-rate insured residential (special offer) To qualify for this rate you must: Open or already have an or Total Chequing account Set up a direct deposit from your employer or other income provider See full terms & conditions.	3.99%^¤
5-year fixed-term fixed-rate insured residential (special offer) To qualify for this rate you must: Open or already have an or Total Chequing account Set up a direct deposit from your employer or other income provider See full terms & conditions.	3.89%^¤
5-year fixed-term fixed-rate insured residential Eligible terms of 3 or more years are available	4.09%^¤

Rates (APR)^¤ as of 2024-12-05

3-year fixed-term fixed-rate insured residential (special offer)

To qualify for this rate you must:

Open or already have an or Total Chequing account
Set up a direct deposit from your employer or other income provider

See full terms & conditions.

3.89%^¤

4-year fixed-term fixed-rate insured residential (special offer)

To qualify for this rate you must:

Open or already have an or Total Chequing account
Set up a direct deposit from your employer or other income provider

See full terms & conditions.

3.99%^¤

5-year fixed-term fixed-rate insured residential (special offer)

To qualify for this rate you must:

Open or already have an or Total Chequing account
Set up a direct deposit from your employer or other income provider

See full terms & conditions.

3.89%^¤

5-year fixed-term fixed-rate insured residential

Eligible terms of 3 or more years are available

4.09%^¤

Eligibility.

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).

Fixed-term fixed-rate insured mortgage

Fixed rate with only 5% down.

What’s an insured mortgage?

Key features.

Peace of mind and predictable budgeting

Options to prepay

More to love about this mortgage.

Current rates.

Eligibility.

Get started.

Lock in your rate.

Tools to help you get on track.

Estimate mortgage payments.

Budget for a mortgage.

Break down the costs of buying a home.

Your mortgage application checklist.

Fixed-term fixed-rate insured mortgage

Fixed rate with only 5% down.

What’s an insured mortgage?

Key features.

Peace of mind and predictable budgeting

Options to prepay

More to love about this mortgage.

Current rates.

Eligibility.

Get started.

Lock in your rate.

Explore other mortgage types.

Closed-term fixed-rate mortgage

Fixed-term Homeprime (variable) mortgage

Tools to help you get on track.

Estimate mortgage payments.

Budget for a mortgage.

Break down the costs of buying a home.

Your mortgage application checklist.