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You have less than the 20% down payment needed for a conventional 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:
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.
A re-advanceable feature allows you to diversify your interest rate risk by splitting your mortgage into Homeprime (variable rate) and fixed-rate components.
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.
Rates (APR)† as of 2023-10-07 | |
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5-year fixed-term insured residential | 5.66%¤ |
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.
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).
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† The annual percentage rate (APR), compounded semi-annually, not in advance. The APR is for a mortgage of $100,000 with monthly payments and a 25 year amortization. APR assumes no fees apply. You may be required to pay additional fees which would increase your APR. 5-Year Homeprime Fixed Term Mortgage interest rate is compounded monthly, not in advance. Vancity's Homeprime mortgage offers you a variable interest rate based on Vancity's Homeprime rate over a 5-year fixed term. Rate changes when Vancity Homeprime changes. Rates subject to change without notice. Refer to the Vancity Homeprime Rate section for more information.
‡ Some conditions apply. When you purchase a new property and are taking a new personal mortgage loan with Vancity or move your existing Mortgage from another financial institution to Vancity, with a three year fixed term or greater, you may receive a cash back up to 5% of the mortgage principal as follows:
Cash back is paid on the date the mortgage is funded. If the mortgage is not funded, no cash back will be paid. If you choose to break your mortgage commitment for any reason prior to maturity, you will be required to repay a portion of the cash back received. Mortgage approval is subject to standard Vancity lending criteria. This Offer cannot be combined with any other offer unless otherwise specified.
¤ Only available to members with less than 20% down payment, a residential property with a purchase price under $1,000,000, the amortization is 25 years or less, owner occupied, and who are eligible for and purchase mortgage default insurance. All applicants must meet the Vancity lending criteria. The annual percentage rate (APR), compounded semi-annually, not in advance. The APR is for a mortgage of $100,000 with monthly payments and a 25 year amortization. APR assumes no fees apply. You may be required to pay additional fees which would increase your APR. Rate is subject to change or may be withdrawn without notice at any time.