Vancity Mortgage of july 2024

Apply for Mortgage from Vancity verified by our specialists. On 24.07.2024 you have access to 9 home loans with a low rate. Increase your chances of getting money — fill out a multi-application with a free credit rating check.
Offers: 9
Updated
31.01.2023
12:11
Vancity
Laneway mortgage
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
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Term
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Loan term for the financial product

5 - 10 years
Vancity
Home renovation options
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
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300
650
1000
$5,000
Vancity
Construction mortgage
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
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300
650
1000
Term
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Loan term for the financial product

3 - 5 years
Vancity
Homeprime mortgage
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
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300
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Rate
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Effective interest rate on the product

4,45% - 8%
Term
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Loan term for the financial product

30 years
Vancity
Fixed-rate mortgage
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
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Rate
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Effective interest rate on the product

5%
Term
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Loan term for the financial product

3 - 10 year
Vancity
Fixed-term mortgage
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
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Rate
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Effective interest rate on the product

5.14% to 6.75%
Term
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Loan term for the financial product

30 years
Vancity
Closed-term fixed-rate mortgage
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
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Rate
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Effective interest rate on the product

4,74% - 5%
Term
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Loan term for the financial product

25 years
Vancity
Open-term mortgage
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
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Rate
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Effective interest rate on the product

6.64% to 8.25%
Vancity
Mixer mortgage
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
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Calculate the mortgage
Interest rates are given in accordance with the rates of the Vancity of 24.07.2024
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Mortgage Application Online of July 2024
Mortgage amount:
200000 C$
2500000 C$
Term:
5
30 years

You are able to get mortgage with discount. You can receive money in: 15m

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Monthly payment*
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Here is the average Mortgage overpayment on 24.07.2024 from lenders in Canada.

40 383 C$
More

There are different types of mortgages at Vancity.

  • Mixer mortgage

Mixer mortgages allow for sharing homeownership costs among two or more individuals, thereby increasing your purchasing power. These mortgages provide competitive interest rates and flexible repayment terms. With a mixer mortgage, each co-owner has life insurance coverage.

  • Open-term mortgage

Open-term mortgages allow you to pay ahead of schedule with no prepayment penalty. Vancity open-term mortgages are available for terms of six months to five years, at both fixed and variable rates. The rates for open-term mortgages range from 6.64% to 8.25% depending on the term.

  • Closed-term fixed-rate mortgage

A closed-term fixed-rate mortgage is a good option for borrowers who prefer stability in their mortgage payments. With a closed-term mortgage, you can borrow up to $1 million at a 4.74% interest rate for a 5-year term and make a 5% down payment. Once a year, you can prepay up to 20% of your original mortgage amount or increase your payments by up to 20%. The maximum amortization period with a closed-term mortgage is 25 years.

  • Fixed-term mortgage

With a fixed-term mortgage, you will make regular payments over the long term. Your interest rate will be lower than the interest rate with an open-term mortgage. Fixed-term mortgages are available for terms of six months to five years. Once a year, you can prepay up to 20% of your original mortgage amount or increase your payments by up to 20%. The maximum amortization period with a fixed-term mortgage is 30 years. The rates for fixed-term mortgages range from 5.14% to 6.75% depending on the term.

  • Fixed-rate mortgage

With a fixed-rate mortgage, you can get financing of up to 95% of your home’s value. Fixed-rate mortgages are available with both open and fixed terms. Getting a 3, 4, 5, 7, or 10-year fixed-term mortgage can bring you cash back in an amount of up to 5% of the mortgage principal.

  • Homeprime mortgage

A Homeprime mortgage provides a variable interest rate that fluctuates with the Vancity Homeprime rate. This mortgage is available with both open and fixed terms. The interest rate for a 5-year Homeprime fixed-term mortgage is 4.45%, and for a 5-year Homeprime open-term mortgage — 8.00%. At the moment of writing this review, the Vancity Homeprime Rate is 4.70%. The maximum amortization period with a Homeprime mortgage is 30 years. 

  • Construction mortgage

With a construction mortgage, you can get financing for building your own home. During the first 18 months of construction, you will pay interest only. If the home you are building is going to be your principal residence, fixed-term mortgage rates for a 3-year term and longer will apply. If you are building an investment property, the terms of a 5-year Homeprime open-term mortgage will apply.

  • Home renovation options

If you are ready to use your home equity as collateral, a Creditline mortgage might be a good option for you. With a Creditline mortgage, you can get financing of $5,000 and more at a competitive variable rate equal to Vancity Prime plus Increment. For smaller renovation projects, personal loans or lines of credit can work better.

  • Laneway mortgage

A laneway mortgage is a good option for clients willing to build a laneway home on their property. With a laneway mortgage, you can get a preferred rate on a 5-year, 7-year, or 10-year fixed-rate mortgage, or on a 5-year Homeprime fixed-term mortgage.

How to apply for a Vancity mortgage?

To apply for a Vancity mortgage, you must book an appointment with a Vancity advisor. Click “Book an appointment” on the mortgage description page, select the mortgage you want to apply for, and choose the date and time that works best for you. Mortgage application meetings are only available by phone call.

Requirements

To apply for a Vancity mortgage, you must be a British Columbia resident of at least 19 years old. When reviewing your mortgage application, Vancity financial experts will evaluate your credit report and assess your creditworthiness.

Pros and cons

Vancity mortgages have both pros and cons. Let’s outline the pros first:

  • A variety of mortgage solutions for different financial situations
  • The availability of specialized mortgage options like mixer and laneway mortgages
  • Cash back earning opportunities included in a fixed-rate mortgage

Still, there are certain cons:

  • Prepayment penalties for fixed-term and closed-term mortgages
  • The lack of online application

How to make a payment?

There are several ways to make a mortgage payment:

  • Transferring funds directly to your mortgage through the online banking account or the mobile app
  • Transferring funds to your loan over the phone with Vancity staff or Member Service Center staff
  • Paying in person at your local Vancity branch

FAQ

How can I use the cash back received with a fixed-rate mortgage?

You can use your cash back for many purposes, including home-related expenses or payments toward higher-interest debt.

How do Vancity Homeprime Rate fluctuations influence my payments?

If the Vancity Homeprime Rate decreases, a bigger portion of your payment goes toward the principal repayment. If the Vancity Homeprime Rate increases, a smaller portion of your payment goes towards the principal.

What happens to my construction mortgage upon the end of construction works?

Once you finish the construction works, your construction mortgage becomes a conventional mortgage with the fixed-term interest rate secured for you upon application.