Renewing a mortgage

The best time to start your renewal process.

Early: 120 to 60 days before your current term expires

Reserve an exclusive low rate¹ while holding on to your current rate for as long as possible when you start your renewal paperwork early.

Get an exclusive low rate¹: When you commit to renew your mortgage early, you can get up to -0.15% off our posted rate or such other rate that would ordinarily apply to your mortgage, which can amount to significant savings over your term.
Protection from uncertainty: Holding out for lower rates? We’ve already got you covered. Your exclusive low rate will be the same as or better than the rate you would get from Vancity if you waited until your term was up. If Vancity’s rate that would ordinarily apply for your upcoming mortgage term has dropped below your exclusive rate by your renewal date, we’ll apply the lower of your exclusive rate and that other applicable rate in effect at the time.¹
Member rewards: Enjoy exclusive discounts on your mortgage rate when you bank with Vancity for more than just your mortgage.
No prepayment fees: You can complete an early commitment or renew your mortgage up to 120 days early, without a prepayment fee.
You can expect to hear from us each month before your term ends, starting 120 days before your renewal with an email or a message in your online banking.

Standard: Less than 60 days before your current term expires

Starting your mortgage renewal process less than 60 days before the date of renewal will come with some, but not all of the same benefits available if you start even earlier.

Excusive low rates: Not available.
Member rewards: Enjoy exclusive discounts on your mortgage rate when you bank with Vancity for more than just your mortgage.
No prepayment fees: You can complete an early commitment or renew your mortgage up to 120 days early without a prepayment fee.
You can update your mortgage terms at any time, up to and including the day of your renewal. If you take no action, your mortgage automatically renews at the rate that would ordinarily apply on the day of expiry.
We’ll continue to remind you about your upcoming renewal over the phone and in your online banking. You should receive a recorded message from us about your mortgage renewal 90 days before your term ends. We may reach out personally in the last 60 days of your mortgage term, if you haven’t yet started the renewal process.

Book an appointment

Rewards when you start the renewal process early.

When you commit to renewing your mortgage with Vancity today, you may be eligible for exclusive rate discounts¹ that get even better the sooner you start your mortgage renewal process.

Renew 120-91 days early and get a guaranteed

-0.15%

discount from our posted rate or such other rate that would ordinarily apply to your mortgage in effect on the date you complete your renewal paperwork.¹

Renew 90-60 days early and get up to

-0.08%

discount from our posted rate or such other rate that would ordinarily apply to your mortgage in effect on the date you complete your renewal paperwork.¹

plus

Bonus -0.10%

from our posted rate or such other rate that would ordinarily apply to your mortgage on your renewal if you bank with us for more than your mortgage.¹

plus

Bonus -0.05%

from our posted rate or such other rate that would ordinarily apply to your mortgage on your renewal if your mortgage has less than 25 years remaining.¹

See terms and conditions or speak to an advisor to learn how you can qualify for these rate discounts on your next mortgage term. Or talk to one of our mortgage specialists who can find the best rate for you.

Book an appointment

Take the next step.

You may have received a recorded message from us about your mortgage renewal. You can call 604-709-5977 or 1-866-899-6958 toll-free to speak to an advisor, or book an appointment at your convenience.

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.

Book a phone appointment

Ask the pros.

About starting the renewal process early.

How does committing early to renew work?

An early commitment to renew helps to avoid the stress of renewing last minute, and gives you access to exclusive benefits, including potential rate discounts.¹ Even if you commit early to renew, the terms of your renewal will not take effect until the end of your current term, making this the perfect option if you want to hold onto your current mortgage rate for as long as possible.

What happens if rates drop before my new term actually begins?

Your exclusive low rate for committing early is customized to account for interest rate changes. In other words, your exclusive rate will be the same as or better than the rate you would get from us if you waited until the last minute to start your mortgage renewal.¹

How early can I start my renewal process?

You can start your renewal process before your current mortgage term ends. To maximize your possible discounts, it's better to start this process as early as possible. Exclusive low rates for committing to renew your mortgage are not available less than 60 days before your renewal date.¹

If you’re less than 120 days away from renewal, and haven’t already received an email from Vancity for next steps and incentives, please contact us today.

Can I renegotiate or opt-out of my exclusive rate before my renewal date?

Yes. However, exclusive low rates for committing early and any other promotional incentives are contingent on signing the mortgage renewal documentation at least 60 days prior to expiry and not amending renewal terms prior to expiry of your current term.¹ See terms and conditions for details.

About last minute renewals.

At what rate does my mortgage renew if I do the paperwork less than 60 days before?

If you choose to start your renewal process less than 60 days out, you will not be eligible for exclusive low rates that come with committing to renew early. Our regular rate discounts or incentives may still apply. Talk to an advisor for details.

I want to change the terms of my mortgage, can I do it last minute?

As long as you renew by your mortgage maturity date, you are able to change the terms and type of your mortgage, subject to credit approval. However, in order to enjoy the benefits of an early commitment described above, you must start the renewals process more than 60 days before your current term ends.

About renewals, in general.

What happens if I don’t renew my mortgage?

If you don’t renew your mortgage, we will renew it for you automatically as of the day after your term expires, at our posted rate or such other rate that would ordinarily apply to your mortgage in effect on that date, subject to the terms of your existing mortgage agreement. You’ll be notified about this in a written letter and electronic notifications starting 120 days before your renewal. It is suggested you meet an advisor to find the best option for your term. If you have a mortgage with Vancity that is coming up for renewal and have not yet heard from us, please get in touch.

Where can I find details of my current mortgage?

You can find important details about your mortgage in Online Banking. Navigate to your mortgage from the 'My Accounts' page, then click to expand the 'Account Details' subsection. In this section, you will find your account/relationship details, and mortgage information, including: Current Balance, Original Loan, Started on (date), Disbursement Date, Maturing on (date), Interest Rate (current), Length of Current Term, Repayment Type, Payment Schedule, Next Payment Date, and Accrued Interest.

View legal details

^* All rewards, discounts and benefits, including but not limited to the Exclusive Mortgage Rate and Cash Back, may be subject to credit approval and other review by Vancity in Vancity’s sole discretion.

¹ The promotional rate (the “Exclusive Mortgage Rate”) is only available if you commit to renew your mortgage with Vancity between 60 and 120 days prior to your renewal date. If you commit to your mortgage renewal between 91 and 120 days prior to the renewal date, we’ll give you our biggest discount on your renewal mortgage rate. You’ll also receive a special discounted rate if you commit to your mortgage renewal between 60 to 90 days prior to the renewal date.

The Exclusive Mortgage Rate is not available on mortgage renewals made less than 60 days prior to the renewal date. Contact us to discuss your special Exclusive Mortgage Rate. The Exclusive Mortgage Rate is a limited time offer and is not guaranteed until your mortgage renewal agreement is signed.

If Vancity’s rate that would ordinarily apply to your mortgage term drops below your Exclusive Mortgage Rate before your renewal date, we’ll apply the lower of your Exclusive Mortgage Rate and that other applicable rate in effect at the time.

If you renegotiate your Exclusive Mortgage Rate prior to your renewal date, then any other promotional incentives you may have qualified for will be forfeited and void and you may be required to return any such rewards or incentive amounts received.

The Exclusive Mortgage Rate only applies to:  3, 4, 5, and 7 year fixed term fixed rate mortgages; 5 year closed term fixed rate mortgages; and 5 year Homeprime variable rate fixed term mortgages.  Eligible mortgages may be insured by CMHC or uninsured.  The discount varies based on the renewal mortgage term length. 

Vancity reserves the right to modify or terminate the Exclusive Mortgage Rate offer at any time without prior notice. The Exclusive Mortgage Rate can be combined with:  (i) the Cash Back offer (if applicable) and (ii) in Vancity’s sole discretion, other mortgage incentives.

Renewing your mortgage

The sooner you start, the better your rewards get.^*

How does a mortgage renewal work?

The best time to start your renewal process.

Early: 120 to 60 days before your current term expires

Standard: Less than 60 days before your current term expires

Rewards when you start the renewal process early.

Take the next step.

Let's talk renewal

Talk through your questions

Ask the pros.

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.

Renewing your mortgage

The sooner you start, the better your rewards get.*

How does a mortgage renewal work?

The best time to start your renewal process.

Early: 120 to 60 days before your current term expires

Standard: Less than 60 days before your current term expires

Rewards when you start the renewal process early.

Take the next step.

Let's talk renewal

Talk through your questions

Ask the pros.

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.

The sooner you start, the better your rewards get.^*