Renewing your mortgage 

Start early for greater financial control over your home.

Whether you are looking to reduce payments, access equity, or pay off your home sooner, a proactive approach with your mortgage renewal puts you in the driver’s seat.

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How a mortgage renewal works.

At the end of each mortgage term, you must renew your mortgage or pay the balance in full.

A mortgage renewal is a great time to reassess your financial needs and adjust your mortgage to your liking.  You can:

  • Explore different payment schedules
  • Switch to a different rate type or term length
  • Adjust your payment frequency
  • Consider lump-sum payments or refinancing

We can provide guidance, share valuable insights, and help you make an informed decision.

Why renew with Vancity.

  • Competitive rates and access to special discounts: Vancity members may get access to special discounts if you do other banking with us.*
  • Tailored Advice: Our mortgage specialists are here to help you navigate your mortgage options based on your financial goals and circumstances.
  • 120 day early renewal option: lock in your rate early and get peace of mind that the guaranteed rate you’re offered won’t increase should rates rise. Your current interest rate stays the same until the end of your mortgage term renewal date.
  • No prepayment fees: If you renew your mortgage within 120 days of its maturity date, no prepayment fees apply.
  • No re-applying: Renewing your mortgage with Vancity simplifies the process. There is no need to re-apply, or pay legal or property valuation fees.1 
     

The best time to renew.

  1. Up to 120 days before your current term expires

    If you’re concerned about a changing environment, lock in your rate and get peace of mind that your guaranteed rate won’t increase. If our rate drops below the Member preferred rate by your renewal date, we’ll apply the lower of the two rates.2 

  2. Automatic: On your renewal date

    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 will automatically renew at the rate that would ordinarily apply on the day of expiry. 

To make sure you don’t miss out on potential benefits and special discounts*, we’ll reach out around these milestones:

  • Starting 120 days before your renewal date, we’ll send you an email or message through digital banking
  • 90 days before your term ends, we’ll send you a recorded message and have an option to talk to an advisor
  • In the last 60 days of your mortgage term, we may reach out personally if you haven’t yet started the renewal process

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Mortgage protection you can count on.

Rest easy knowing you’re covered if the unexpected happens.  

Choose from these additional forms of mortgage insurance+:

  • Life coverage
  • Involuntary loss of employment coverage
  • Disability coverage
  • Critical illness coverage 
     
View mortgage insuranceView title insurance

Start your renewal.

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 an appointment

Tools to help you get on track.

Estimate mortgage payments
Mortgage calculator
Break down the costs of buying a home
The affordability equation
Your mortgage application checklist
How to apply
*

All rewards, discounts and benefits may be subject to credit approval and other review by Vancity in Vancity’s sole discretion. Member preferred rates depend on the active products and services you hold, and other factors. Contact us for details.

1

Applies to standard renewals with no increase in mortgage balance and no change to property or ownership. Vancity reserves the right to request additional information or conduct reviews as required.

2

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

If you renegotiate your member preferred rate prior to your renewal date, then any other promotional incentives you have may have qualified for will be forfeited and void and you may potentially be required to return any such rewards or incentive amounts received. 
Vancity reserves the right to modify or terminate the member preferred rate offer at any time without prior notice. The member preferred rate can be combined with other mortgage incentives, in Vancity’s sole discretion.