A little wisdom from those who have been there: this isn’t just a financial transaction—it’s your life. Sooner or later, you’ll have to move on. And during the 20 or 30 years it takes to pay off your mortgage, it won’t matter what the amount was on the day you were first approved.
Especially if you look beyond Canada’s Big Five banks, you’ll find attractive rates right now. For example, shoppers in BC can find great rates at Coast Capital Savings Credit Union. The five-year maximum rate fixed mortgage has the lowest advertised rate of any of the Big Five (as of Oct. 30, 2024), based on independent, third-party market research.
And, for a limited time, you can get a cash bonus when you open a new mortgage or switch to Coast Capital. This offer is available to existing and new Coast Capital customers—more details below.
What is Coast Capital?
Coast Capital is different from a bank. It is Canada’s largest credit union by membership, with a history stretching back 80 years. It is managed by its nearly 600,000 members, with headquarters in Surrey and 45 fully operational branches throughout British Columbia.
Like any cooperative, Coast Capital pays attention to the needs of its members. In fact, it is 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—by focusing on projects and programs that open up financial opportunities and ways to increase income for people and businesses in Canada. Over the past two decades, those donations have added up to more than $100 million.
“Budgeting and saving are important, but in many cases these strategies are not enough,” said Catherine Wood, chief strategy officer, product and marketing officer for Coast Capital. “With more and more people unable to keep up with the rising cost of living, it’s clear that Canadians need to find more money to improve their financial situation. At Coast Capital, we believe that starts with access to education and training that empowers people to start, develop or change their careers. “
What is the income of Coast Capital’s Mortgage rates?
Currently, Coast Capital offers a five-year fixed rate mortgage at 4.16% APR (annual percentage rate) and a five-year standard mortgage at 4.36% APR. Five-year variable rate loans with high rates are available at 4.96% APR. (Current prices as of Oct. 30, 2024.)
And, if you act now, you can get a cash bonus of up to $4,100 when you open a new loan or up to $4,600 for converting your loan to Offshore 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 on Nov. 28, 2024. How is APR calculated? It’s based on a $300,000 loan with a 25-year amortization, minus a $300 appraisal fee (which includes fees associated with determining the property’s value). If there are no additional borrowing costs, the APR and interest rate will be the same. APR assumes that the interest rate does not change over time. Rates are subject to Coastal Capital’s standard lending criteria.
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