Vancity
Is Part of RateShop Mortgage's Trusted Canadian Lender Network
Vancity: Tailored Mortgage Solutions for Canadian Borrowers
Vancity: Tailored Mortgage Solutions for Canadian Borrowers
History as a Mortgage Lender in Canada
Founded in 1946 in Vancouver, British Columbia, and has since grown to become the largest community credit union in Canada. With over 543,000 members and assets of approximately $34 billion (as of 2023), Vancity has a rich history of offering financial services with a focus on the well-being of its members and communities. The credit union provides a full suite of products, including mortgages, and is recognized for its strong ethical standards, community-oriented programs, and commitment to sustainability.
Founded in 1946 in Vancouver, British Columbia, and has since grown to become the largest community credit union in Canada. With over 543,000 members and assets of approximately $34 billion (as of 2023), Vancity has a rich history of offering financial services with a focus on the well-being of its members and communities. The credit union provides a full suite of products, including mortgages, and is recognized for its strong ethical standards, community-oriented programs, and commitment to sustainability.
Types of Mortgage Products & Programs
Vancity offers a variety of mortgage products to suit different needs:
Residential Mortgages:
Fixed-Rate Mortgages: Provides stability with fixed interest rates for the duration of the mortgage term, ideal for those seeking predictable monthly payments.
Variable-Rate Mortgages: Offers more flexibility with rates that fluctuate based on market conditions, potentially leading to lower initial payments.
High-Ratio Mortgages: Available for those with a down payment of less than 20%, typically insured through CMHC, Genworth, or Canada Guaranty.
First-Time Home Buyer Program: Designed specifically for first-time buyers, including down payment assistance and educational resources.
Green Building Mortgages: Offers special financing for homes that meet energy-efficient and environmentally friendly building standards.
Commercial Mortgages:
Vancity also offers lending solutions for businesses, including:
Commercial Real Estate Loans: Financing options for office buildings, retail spaces, and industrial properties.
Rental Property Mortgages: Ideal for investors looking to purchase multi-unit properties for rental income.
Specialty Programs:
Self-Employed Mortgages: Vancity offers flexibility for those who are self-employed, with options to use alternative documentation like NOAs or business statements.
Stated Income Mortgages: Suitable for borrowers whose income may be harder to verify traditionally, such as contractors or business owners.
Bridge Financing: Short-term loans to help transition between properties.
Eco-Financing: For clients looking to finance environmentally sustainable home renovations or projects.
Residential Mortgages:
Fixed-Rate Mortgages: Provides stability with fixed interest rates for the duration of the mortgage term, ideal for those seeking predictable monthly payments.
Variable-Rate Mortgages: Offers more flexibility with rates that fluctuate based on market conditions, potentially leading to lower initial payments.
High-Ratio Mortgages: Available for those with a down payment of less than 20%, typically insured through CMHC, Genworth, or Canada Guaranty.
First-Time Home Buyer Program: Designed specifically for first-time buyers, including down payment assistance and educational resources.
Green Building Mortgages: Offers special financing for homes that meet energy-efficient and environmentally friendly building standards.
Commercial Mortgages:
Vancity also offers lending solutions for businesses, including:
Commercial Real Estate Loans: Financing options for office buildings, retail spaces, and industrial properties.
Rental Property Mortgages: Ideal for investors looking to purchase multi-unit properties for rental income.
Specialty Programs:
Self-Employed Mortgages: Vancity offers flexibility for those who are self-employed, with options to use alternative documentation like NOAs or business statements.
Stated Income Mortgages: Suitable for borrowers whose income may be harder to verify traditionally, such as contractors or business owners.
Bridge Financing: Short-term loans to help transition
between properties.
Eco-Financing: For clients looking to finance environmentally sustainable home renovations or projects.
Minimum Credit & Income Requirements
Vancity offers products for a wide range of financial situations, with varying credit and income requirements:
First-Time Home Buyers: Vancity typically requires a minimum credit score of 620, with 5% down payment for insured mortgages.
Salaried Employees: Standard income verification through pay stubs and NOAs. A credit score of 620+ is typically required.
Self-Employed Borrowers: Vancity requires business income verification through financial statements and tax filings. Self-employed applicants should have at least 2 years of business history.
Contract Workers: Requires consistent contract income over a 2-year period with clear documentation.
Stated Income: Available for those who can demonstrate income but cannot provide traditional income proof, usually with a higher down payment (20%+).story.
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Vancity offers products for a wide range of financial situations, with varying credit and income requirements:
First-Time Home Buyers: Vancity typically requires a minimum credit score of 620, with 5% down payment for insured mortgages.
Salaried Employees: Standard income verification through pay stubs and NOAs. A credit score of 620+ is typically required.
Self-Employed Borrowers: Vancity requires business income verification through financial statements and tax filings. Self-employed applicants should have at least 2 years of business history.
Contract Workers: Requires consistent contract income over a 2-year period with clear documentation.
Stated Income: Available for those who can demonstrate income but cannot provide traditional income proof, usually with a higher down payment (20%+).story.
Mortgage Underwriting Criteria for Approval
Vancity assesses mortgage applications based on several key factors:
Debt Service Ratios:
GDS (Gross Debt Service): Typically up to 39% of the borrower’s gross monthly income.
TDS (Total Debt Service): Generally up to 44% of monthly income when factoring in all debt payments.
Credit Score: The minimum credit score for most mortgage products is 620, but higher scores may be required for specialized products or large loan amounts.
Income Documentation: Verification through traditional or alternative documentation, depending on the borrower’s situation.
Down Payment: Vancity requires a minimum 5% down payment for insured mortgages. Conventional loans typically require a 20% down payment.
Property Appraisal: The property must meet Vancity’s criteria for value and condition.
Vancity assesses mortgage applications based on several key factors:
Debt Service Ratios:
GDS (Gross Debt Service): Typically up to 39% of the borrower’s gross monthly income.
TDS (Total Debt Service): Generally up to 44% of monthly income when factoring in all debt payments.
Credit Score: The minimum credit score for most mortgage products is 620, but higher scores may be required for specialized products or large loan amounts.
Income Documentation: Verification through traditional or alternative documentation, depending on the borrower’s situation.
Down Payment: Vancity requires a minimum 5% down payment for insured mortgages. Conventional loans typically require a 20% down payment.
Property Appraisal: The property must meet Vancity’s criteria for value and condition.
Locations Serviced and Branch Presence in Canada
Vancity operates primarily in British Columbia, with 55 branches across Metro Vancouver, Fraser Valley, and Southern Vancouver Island. However, RateShop Mortgages and its brokers make Vancity’s products available to clients nationwide through their extensive digital and broker networks.
Mortgage Application Checklist
Before applying for a Vancity mortgage, ensure you have the following documents:
Proof of Identification (government-issued ID).
Proof of Income (e.g., pay stubs, NOAs, business income documents).
Credit History (recent credit report).
Down Payment Documentation (e.g., bank statements,
gift letters).
Property Information (MLS listing, purchase agreement, or property appraisal).
Before applying for a Vancity mortgage, ensure you have the following documents:
Proof of Identification (government-issued ID).
Proof of Income (e.g., pay stubs, NOAs, business income documents).
Credit History (recent credit report).
Down Payment Documentation (e.g., bank statements,
gift letters).
Property Information (MLS listing, purchase agreement, or property appraisal).
How to Start a Mortgage Pre-Approval
Contact RateShop Brokers: Get in touch with a broker to discuss Vancity’s mortgage products and rates.
Submit Your Financial Documents: Provide your income, credit history, and other necessary documentation.
Pre-Approval Assessment: Vancity will review your information and issue a pre-approval, which is typically valid for 90-120 days.
Start House Hunting: Use your pre-approved amount to narrow down your home search.
Contact RateShop Brokers: Get in touch with a broker to discuss Vancity’s mortgage products and rates.
Submit Your Financial Documents: Provide your income, credit history, and other necessary documentation.
Pre-Approval Assessment: Vancity will review your information and issue a pre-approval, which is typically valid for 90-120 days.
Start House Hunting: Use your pre-approved amount to narrow down your home search.
How to Get Mortgage Rates
Online Comparison: Access live, updated mortgage rates from Vancity on RateShop’s platform.
Broker Assistance: RateShop brokers can negotiate on your behalf to secure the best rates based on your financial profile.
Check for Special Promotions: Vancity often offers rate discounts for first-time homebuyers or energy-efficient homes.
Online Comparison: Access live, updated mortgage rates from Vancity on RateShop’s platform.
Broker Assistance: RateShop brokers can negotiate on your behalf to secure the best rates based on your financial profile.
Check for Special Promotions: Vancity often offers rate discounts for first-time homebuyers or energy-efficient homes.
Mortgage Pre-Payment Options
Vancity offers flexible pre-payment options to help you pay off your mortgage faster:
Annual Lump-Sum Payments: Make lump sum payments of up to 20% of your original mortgage principal each year without penalty.
Increase Monthly Payments: You can increase your monthly payments by up to 20% to accelerate repayment.
Double-Up Payments: Make additional payments alongside your regular payments to reduce your principal faster.payment.
Vancity offers flexible pre-payment options to help you pay off your mortgage faster:
Annual Lump-Sum Payments: Make lump sum payments of up to 20% of your original mortgage principal each year without penalty.
Increase Monthly Payments: You can increase your monthly payments by up to 20% to accelerate repayment.
Double-Up Payments: Make additional payments alongside your regular payments to reduce your principal faster.payment.
Partnering with RateShop Mortgages and Vancity provides clients with:
Competitive Rates: Access some of the best mortgage rates available in the Canadian market.
Flexible Mortgage Products: Tailored options for first-time buyers, self-employed individuals, and others with unique needs.
Expert Broker Support: RateShop brokers work to secure the best mortgage terms and rates, guiding you through the entire process.
Start your journey to homeownership today with RateShop Mortgages and Vancity! Reach out to our brokers for expert advice and personalized mortgage solutions.
Partnering with RateShop Mortgages and Vancity provides clients with:
Competitive Rates: Access some of the best mortgage rates available in the Canadian market.
Flexible Mortgage Products: Tailored options for first-time buyers, self-employed individuals, and others with unique needs.
Expert Broker Support: RateShop brokers work to secure the best mortgage terms and rates, guiding you through the entire process.
Start your journey to homeownership today with RateShop Mortgages and Vancity! Reach out to our brokers for expert advice and personalized mortgage solutions.
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Contact Information
6 Indell Lane, Brampton ON L6T 3Y3, Canada
Local: 416-827-2626
Toll: 800-725-9946
RateShop Inc. is a Mortgage Brokerage offering lowest mortgage rates to Canadians. We are provincially licensed in the following provinces: Mortgage Brokerage Ontario FSRA #12733, British Columbia BCFSA #MB600776, Alberta RECA #00523056P, Saskatchewan FCAA #00511126, PEI #160622, New Brunswick FCNB #88426, Newfoundland/Labrador. Our Quebec Mortgage Transactions are serviced by Orbis Mortgage Group AMF# 181136.
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