Open-term fixed-rate mortgage
Consistent rate, no prepayment fee.
Term
6 months to 5 years
Amortization
Up for 30 years
Great if
You want predictable payments and the option to pay off your mortgage early with a lump sum
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.
Pay it off early with no prepayment fee
Open-term mortgages let you make payments ahead of schedule without paying a prepayment fee. They’re a good choice if you think you’ll be able to pay off your mortgage early with an inheritance, a bonus, or another large sum of money.
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. - Financial flexibility
A re-advanceable feature allows you to use part of your mortgage as a line of credit. You can take advantage of this feature to:- Fund home renovations
- Consolidate your debt
- Buy an investment property
- Split your mortgage into variable rate and fixed-rate components or switch your variable rate portion to a fixed rate during the term of your mortgage
- Manage your interest-rate risk by having portions of your mortgage mature at different times
With the re-advanceable feature, you won’t pay any legal costs on future refinancing; however other fees may apply.
Buy your first home with less.
With a high-ratio insured mortgage, you could put as little as 5% down on the first $500,000 and 10% on the rest for a home that costs under $1.5 million. You’ll also get a reasonable interest rate, even with your smaller down payment.
Current rates.
9.75%◊
9.75%◊
5.19%◊
5.44%◊
5.44%◊
| Mortgage | Rates (APR)† as of 2026-03-27 |
|---|---|
6-month open-term residential | 9.75%◊ |
1-year open-term residential | 9.75%◊ |
2-year open-term residential | 5.19%◊ |
3-year open-term residential | 5.44%◊ |
5-year open-term residential | 5.44%◊ |
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).
Find a specialist near you.
Interested in a new mortgage or refinancing? Browse our mortgage specialists to connect with someone in your area.
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.
Explore other financing.
Fixed-term fixed-rate mortgage
Great if you want to count on making the same payment for your entire term.
Open-term variable mortgage
Great if you’re comfortable with a variable rate and plan to pay off your mortgage very quickly with a lump sum.
Tools to help you get on track.
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 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 Variable Fixed Term Mortgage interest rate is compounded monthly, not in advance. Vancity’s variable mortgage offers you a variable interest rate based on Vancity’s variable rate over a 5-year fixed term. Rate changes when Vancity variable rate changes. Rates subject to change without notice. Refer to the Vancity Variable Rate section for more information.