Vancity Mortgage Rates

Vancity offers flexible mortgage solutions to meet a variety of home financing needs. They also offer cashback on a number of their fixed-rate mortgages. Below you'll find Vancity's most recent fixed and variable rate mortgages.
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Vancity fixed-rate mortgages

With a fixed-rate mortgage, you don't have to worry about interest rates increasing during your mortgage term. Your mortgage payments will remain the same every month.

Vancity offers fixed-rate mortgages ranging from 6-month terms, all the way up to 10 years. They also offer a 5-year closed term mortgage for insured mortgages. Insured mortgages being home purchases with less than 20% down payment and have mortgage default insurance.

On Vancity's 3, 4, 5, 7, and 10-year mortgage terms, you could also be eligible for a 5% cashback offer from Vancity. The cashback is given to you upfront once your mortgage has been funded. Certain restrictions apply to the cashback offer. Contact Vancity for further details.

Vancity open term mortgages

Vancity also offers a variety of open term mortgages on their fixed rates. While open term mortgages typically do come with higher interest rates, than closed terms, they do offer more flexibility.

Open term mortgages allow you to pay off your mortgage in full, or make lump sum payments on your mortgage balance without penalty at any time during your mortgage term.

Closed term mortgages, on the other hand, set a limit in terms of how much of your mortgage you can pay off every year in the form of extra payments. In Vancity's case, you can make lump-sum payments of up to 20% of the original mortgage principal every year.

Vancity's open term mortgages come in 6-month, 1 year, 2-year, 3 year or 5-year terms. The number of open term options is one of the highest among Canadian mortgage lenders.

Vancity Homeprime mortgages

Vancity's Homeprime mortgage is ideal for those looking to take advantage of low variable interest rates, while at the same time keeping their monthly mortgage payments fixed.

The Homeprime mortgage is a variable rate mortgage. When interest rates rise, more of your monthly mortgage payment will go towards the interest cost. When interest rates fall, more of your monthly mortgage payment will go towards paying down the principal. Whichever way interest rates move, your mortgage payment will always remain the same.

Homeprime mortgages are available on open and closed term mortgages of 5 years. If you want to convert to a standard fixed-rate mortgage, you can do so at any time with a Homeprime mortgage.

Creditline mortgage

Vancity offers a very flexible home financing option called the Creditline mortgage. It's a variable rate mortgage with no set payment plan. You can pay back as much or as little of the borrowed principal you want. At the minimum, all you have to pay is the monthly interest cost.

As you pay down the principal on the Creditline mortgage, you'll grow a line of credit portion that you can borrow from at any time. The equity in your home secures this line of credit. You can use the line of credit to pay for things such as home renovations, a vacation, or a vehicle purchase.

If you feel that interest rates are going to rise or you want to lock into a fixed-rate mortgage, you can do so at any time with the Creditline mortgage.

Apply for Vancity mortgage

If you want to learn more about Vancity's mortgages or are ready to apply for a mortgage from Vancity, you can call Vancity's member services centre to be put in contact with one of their mortgage specialists.

About Vancity Credit Union

Vancity is the largest credit union in Canada by asset size. Based in Vancouver, British Columbia, they serve over 534,000 community members in the province.

Ⓒ 2022

Disclaimer: strives to keep its mortgage rates and information up to date and accurate. The information and tools presented on are for informational and educational purposes only and does not constitute financial advice. At times the information you see when you visit a financial institution's or broker's website may be different. When looking for a mortgage, please contact the financial institution or broker directly for the latest terms and conditions.