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.