A little bit wisdom from those that have been there: This is not just a financial transaction – it is your life. Sooner or later you’ve to get on with it. And within the 20 or 30 years it takes to repay your mortgage, it won’t matter much what the rate of interest was on the day you were first approved.
Especially should you look beyond Canada’s big five banks, you will find attractive rates of interest straight away. For example, buyers in BC can find great rates at Coast Capital Savings Credit Union. The five-year, fixed-rate, high-interest mortgage has a lower advertised rate of interest than any of the Big Five (as of October 30, 2024), based on independent, third-party market research.
Additionally, for a limited time, you may receive a money bonus once you open a brand new mortgage or convert your existing mortgage to Coast Capital. This offer is offered to current and latest Coast Capital customers – see further details below.
What is Coastal Capital?
Coast Capital is different than a bank. It is Canada’s largest credit union by membership and has a history spanning greater than 80 years. Owned by its nearly 600,000 members, it’s headquartered in Surrey and has 45 full-service branches throughout British Columbia.
Like any cooperative, Coast Capital pays attention to the needs of its members. In fact it’s one Certified B Corporationknown for its socially oriented business model. Each 12 months, Coast Capital reinvests 10% of its profits back into the communities it serves – with a deal with projects and initiatives that create financial opportunities and income-generating pathways for people and businesses in Canada. Over the past twenty years, these donations have totaled over $100 million.
“Budgeting and saving are important, but in many cases these strategies are no longer enough,” says Catherine Wood, chief strategy, product and marketing officer at Coast Capital. “With more and more people unable to keep up with the rising cost of living, it is clear that Canadians need to earn more to improve their financial situation. At Coast Capital we believe this starts with access to education and training that enables people to start, advance or even change their careers.”
What are Coast Capital’s mortgage rates?
Currently, Coast Capital offers a five-year fixed-rate high-interest mortgage at 4.16% APR and a five-year regular fixed-rate mortgage at 4.36% APR. Five-year, adjustable-rate, high-interest mortgages can be found with an APR of 4.96%. (Current prices are valid as of Oct. 30, 2024.)
And should you act now, you may get a money bonus of as much as $4,100 once you open a brand new mortgage or as much as $4,600 for converting your current mortgage to Coast Capital, depending on the scale of the loan and the variety of eligible products used. (Terms and conditions apply. See full terms and conditions.)This offer ends November 28, 2024. How is the APR calculated? It relies on a $300,000 mortgage with a 25-year amortization period and assumes an appraisal fee of $300 (including property appraisal fees). If there aren’t any additional borrowing costs, the APR and the rate of interest are the identical. The APR assumes that the rate of interest doesn’t change over time. Interest rates are subject to Coast Capital’s standard lending criteria.
