Looking for a mortgage in B.C.? Don’t limit your options to the big banks

A little wisdom from those who’ve been there: this is not just a financial transaction—it’s your life. Sooner or later, you’ve got to get on with it. And over the 20 or 30 years it takes to pay off your mortgage, it won’t much matter what the rate was the day you first got approved.

Especially when you look beyond Canada’s Big Five banks, you’ll find attractive rates right now. For example, buyers in B.C. can find great rates at Coast Capital Savings Credit Union. Its five-year high-ratio fixed mortgage has a lower advertised rate than any of the Big Five (as at Oct. 30, 2024), based on independent, external third-party market research.

Plus, for a limited time, you can get a cash bonus when open a new mortgage or switch your existing mortgage to Coast Capital. This offer is available to current and new Coast Capital customers—more details below.

What is Coast Capital?

Coast Capital is different from a bank. It’s Canada’s largest credit union by membership, with a history going back over 80 years. It’s owned by its nearly 600,000 members, with headquarters in Surrey and 45 full-service branches across British Columbia.

Like any cooperative, Coast Capital is attentive to the needs of its members. In fact, it’s a Certified B Corporation, recognized for its social-purpose business model. Every year, Coast Capital reinvests 10% of its bottom line back into the communities it serves—with a focus on projects and initiatives that unlock financial opportunities and ways to grow income for people and businesses in Canada. Over the past two decades, those contributions have added up to more than $100 million.

“Budgeting and saving are important, but in many cases these strategies are no longer enough,” says Catherine Wood, Coast Capital’s chief strategy, product and marketing officer. “With more and more people unable to keep up with the rising cost of living, it’s clear that Canadians need to earn more to improve their financial reality. At Coast Capital, we believe that starts with access to education and training that empowers people to begin, advance or even change their careers.”

What are Coast Capital’s mortgage rates?

Right now, Coast Capital is offering a five-year fixed high-ratio mortgage at 4.16% APR (annual percentage rate) and a five-year regular fixed mortgage at 4.36% APR. Five-year variable-rate high-ratio mortgages are available at 4.96% APR. (Rates are current as of Oct. 30, 2024.)

And, if you act now, you can get a cash bonus up to $4,100 when you open a new mortgage or up to $4,600 for switching your current mortgage to Coast Capital, depending on the size of the loan and the number of eligible products used. (Conditions apply. See full terms and conditions.)This offer expires Nov. 28, 2024. How is the APR calculated? It is based on a $300,000 mortgage at a 25-year amortization, assuming an appraisal fee of $300 (which includes fees associated with determining the value of the property). If there are no additional cost-of-borrowing charges, the APR and the interest rate will be the same. The APR assumes that the interest rate does not vary over time. Rates are subject to Coast Capital’s standard lending criteria.

How to apply for a Coast Capital mortgage

Whether you’re buying a home or looking to switch lenders, you can apply for a Coast Capital mortgage in three easy steps:

• First, contact a Mortgage Advisor. They can guide you through the process.
• Next, fill out the application and find the right rate and terms for you. Coast Capital will honour that rate for 120 days, regardless of what happens with interest rates.
• Lastly, complete the process of purchasing your home or transferring your existing mortgage with the help of the Coast Capital team.

Compare mortgage rates—and more

Not convinced? Coast Capital encourages home buyers and mortgage holders to see what else is out there in terms of mortgage rates, services and incentives. Lower rates might be the reason you first connect with Coast Capital, but the benefits of a financial cooperative and how your membership helps give back to your community might be the reason you stay. Book an appointment today.

More about mortgages:

• Rates are going down—is now a good time to buy a house in Canada?
• The Canadian mortgage stress test, explained
• Renewing your mortgage? A guide for Canadians
• Second mortgages in Canada: What are the rules?

• Mortgage renewal calculator

About Michael McCullough

Michael is a financial writer and editor in Duncan, B.C. He’s a former managing editor of Canadian Business and editorial director of Canada Wide Media. He also writes for The Globe and Mail and BCBusiness.

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