Residential Mortgage

Residential Mortgage

Why a Vanguard Mortgage?

Whether you are buying a home for the first time or renewing your mortgage, we understand the importance of working out the best possible mortgage package, so your home or renovations are truly affordable. Vanguard Credit Union offers opened and  closed mortgage as well as variable and fixed rate. Sit down with any of our qualified Financial Services Officers to find out what package best suits your needs.

Open vs. Closed:

Open Mortgage:

  • Unlimited ability to payout, pay down or renew at any time without penalty
  • Ability to reduce principal whenever extra cash is on hand, allows members to save money  if able to reduce mortgage  faster than scheduled
  • Suited for home buyers who:
    • want to pay off their mortgage quickly,
    • expect to have excess cash available to be applied to mortgage,
    • plan to sell their property in the near future.

Closed Mortgage:

  • Rates are generally lower than open mortgages
  • Limited to what can be paid down on principal without penalty
  • Suited for home buyers who:
    • have no plans on selling their home,
    • do not plan on paying extra funds onto their mortgage


  • Fixed and variable terms available
  • Open or closed
  • Competitive interest rates
  • Repayments are structured to meet your needs: bi-weekly, semi-monthly, monthly, etc.
  • Automatic payments from your chequing/savings account available
  • Mortgage insurance available reducing down payment requirement to 5% of purchase price
  • Conventional mortgages
  • Amortization periods up to 25 years
  • All activity is recorded on your monthly statement
  • Available for residential, agricultural or commercial properties

Click here to use the Mortgage Calculator.

For helpful tips, tools and resources when purchasing a new home download the CMHC Ready Set Home Mobile app.



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Vanguard Credit Union is a full-service financial institution with branches in Binscarth, Birtle, Brandon, Hamiota, Kenton, Miniota, Oak Lake, Oak River, Rossburn, Russell, and St. Lazare.

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