Closed-term fixed-rate mortgage
Same rate guaranteed for 5 years.
You’re looking for a home under $1 million to use as your primary residence.
Things to keep in mind.
Closed-term fixed-rate mortgages have additional restrictions that you should consider:
- Property purchase price must be less than $1 million
- You must plan to live in the home
- If you sell the home within the five-year term and repay the mortgage in full, you will pay a prepayment fee
- You can't transfer this mortgage to another financial institution during the five-year term
- You can’t combine this mortgage with an existing mortgage to blend interest rates or extend the term
- You can’t extend your original amortization (i.e., number of years over which your mortgage repayment is calculated) or increase the outstanding mortgage balance
- You may not borrow against the equity in your home during the five-year term
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.
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.
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.
Current rates.
| 5-year closed-term fixed-rate residential mortgage | 3.89%§ |
Buy your first home with less.
With a high-ratio insured mortgage loan, 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.
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.
Find a specialist near you
Interested in a new mortgage or refinancing? Browse our mortgage specialists to connect with someone in your area.
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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.
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View legal details
† 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 amortization is 25 years or less, and residential property with a purchase price under $1,000,000. Must be owner occupied. All applicants must meet the Vancity lending criteria. Rate is subject to change or may be withdrawn without notice at any time.