Variable-rate mortage | fixed term

Key features.

Variable interest rate, fixed payments.

When the variable rate goes down, more of your payment goes towards the principle. When the variable rate goes up, less of your payment goes toward the principle. To maintain your amortization schedule, we recommend you increase your payments when the variable rate increases.

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.

Current rates.

Homeprime (variable) rate^††: 7.20%

Homeprime rates are tied to the Vancity Prime rate. The current Homeprime rate is effective as of July 1, 2023. Any changes to the Vancity Prime rate will be seen in the Homeprime rate at the beginning of the calendar month.

Rates (APR)^† as of 2024-04-20
5-year Homeprime fixed-term (Vancity Homeprime rate - 0.25%)^††	6.95%^◊
5-year Homeprime open-term (Vancity Homeprime rate + 3.30%)^††	10.50%^◊

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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

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).

Take the next step.

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

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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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View legal details

^‡ Take out a 3, 4, 5, 7 or 10-year fixed-term mortgage, and we will give you cash back in an amount of up to 5% of the mortgage principal, or up to 2% of the mortgage principal for laneway mortgages transferred from another institution. 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.

^† 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. Available to Vancity members on new and renewing mortgages where the mortgage loan-to-value is less than 75% and the amortization is 25 years or less. Must be owner occupied. Additional qualification criteria apply to the 7-year Fixed Term Residential Mortgage. All applicants must meet the Vancity lending criteria. Rate is subject to change or may be withdrawn without notice at any time.

^†† The interest rate for a Vancity Homeprime (variable rate) mortgage is tied to the Vancity Homeprime Rate. As mortgage interest rates fluctuate with market conditions, they move in sync with the Vancity Homeprime Rate. This is why interest rates are written as Vancity Homeprime Rate "+" or "-" a certain interest rate amount to show how the interest rate is calculated based on the Vancity Homeprime Mortgage Rate.

^* To convert from a variable to a fixed rate, the interest rate must be the same or higher than your current rate, the balance must be the same or higher than your remaining balance, and the term must be the same or longer than your remaining term.

Fixed-term Homeprime mortgage

Fixed term, variable rate.

Key features.

Variable interest rate, fixed payments.

Financial flexibility.

More to love about this mortgage.

Current rates.

Buy your first home with less.

Eligibility.

Take the next step.

Find a specialist near you

Talk through your questions

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 Homeprime mortgage

Fixed term, variable rate.

Key features.

Variable interest rate, fixed payments.

Financial flexibility.

More to love about this mortgage.

Current rates.

Buy your first home with less.

Eligibility.

Take the next step.

Find a specialist near you

Talk through your questions

Explore other mortgage types.

Open-term Homeprime (variable) mortgage

Fixed-term fixed-rate 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.