Open-term variable mortgage
Pay it off faster, no prepayment fee.
Term
5 years
Amortization
Up to 30 years
Great if
You’re comfortable with a variable rate and plan to pay off your mortgage very quickly with a lump sum
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.
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.
- Option to convert interest rate from variable to fixed at any time*
You can convert this variable mortgage to a fixed-rate mortgage for the remaining term or longer. So when your life circumstances change, you can make changes to your mortgage too. - Choice of payment frequency
Make payments weekly, bi-weekly, monthly, or semi-monthly. You can also choose accelerated payments, which divides your monthly payment by two (for bi-weekly) or four (for weekly), so you’re making the equivalent of one extra monthly payment per year. You’ll save on interest and pay off your mortgage faster. - 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.
Homeprime rate:†† 4.45%.
Homeprime rates are tied to the Vancity Prime rate. The current homeprime rate is effective as of November 1, 2025. Any changes to the Vancity Prime rate will be seen in the homeprime rate at the beginning of the calendar month.
Current rates.
3.85%◊
7.75%◊
| Mortgage | Rates (APR)† as of November 1, 2025 |
|---|---|
5-year variable rate fixed-term (Vancity homeprime rate - 0.45%)†† | 3.85%◊ |
5-year variable rate open-term (Vancity homeprime rate + 3.30%)†† | 7.75%◊ |
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 mortgage types.
Fixed-term variable mortgage
Great if you’re comfortable with a variable rate and want to take advantage of potential rate decreases during your term.
Open-term fixed-rate mortgage
Great if you want predictable payments and the option to pay off your mortgage early with a lump sum.
Tools to help you get on track.
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 Rate Fixed Term Mortgage interest rate is compounded monthly, not in advance. Vancity’s Variable Rate 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.
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 Variable Rate mortgage is tied to the Vancity Variable Rate. As mortgage interest rates fluctuate with market conditions, they move in sync with the Vancity Variable Rate. This is why interest rates are written as Vancity Variable Rate “+” or “-” a certain interest rate amount to show how the interest rate is calculated based on the Vancity Variable 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.