You’re comfortable with a variable rate and plan to pay off your mortgage very quickly with a lump sum.
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.
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.
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. This flexibility means that 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. Paying more frequently will save you interest and shorten the time it takes to pay off your mortgage.
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 flexibilty
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:
With the re-advanceable feature, you won’t pay any legal costs on future refinancing; however other fees may apply.
Homeprime (variable) rate††: 5.95%
Homeprime rates are tied to the Vancity Prime rate. The current Homeprime rate is effective as of November 1, 2024. Any changes to the Vancity Prime rate will be seen in the Homeprime rate at the beginning of the calendar month.
5-year Homeprime fixed-term (Vancity Homeprime rate - 0.50%)†† | 5.45%◊ |
5-year Homeprime open-term (Vancity Homeprime rate + 3.30%)†† | 9.25%◊ |
With CMHC mortgage loan insurance, 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 million. You’ll also get a reasonable interest rate, even with your smaller down payment.
After December 15, 2024, purchases up to $1.5 million will also be eligible for this benefit.
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).
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† 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 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 Homeprime (variable rate) mortgage is tied to the Vancity Homeprime Rate. As mortgage interest rates fluctuate with market conditions, they move in sync with the Vancity Homeprime Rate. This is why interest rates are written as Vancity Homeprime Rate "+" or "-" a certain interest rate amount to show how the interest rate is calculated based on the Vancity Homeprime 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.