Skip to main content
Ratehub logo
Ratehub logo

You're the Boss: Call the shots on your mortgage with Coast Capital

We recently caught up with Dara Fahy is a mortgage broker in BC from the Mortgage Centre in Vancouver to learn more about the `You’re The Boss Mortgage` offered by Coast Capital. It’s been getting a lot of attention lately not only because of its attractive terms, but attention-grabbing marketing campaign. For a taste of the extensive campaign, see below:

You can choose from three 5-year rates: the 5-year fixed, 5-year convertible variable, and Coast’s 5-year Half & Half™ Rate. The Half & Half Rate is part fixed and part variable, lower than a fixed rate but does not rise (or fall) as fast as a regular variable rate, which fluctuates with the prime rate. If the prime rate changes, the Half & Half Rate only moves by half the change to the prime rate.

The big draw, however, is the low 5-year fixed rate supplemented with the best prepayment provisions in the market.

Broken down further, here’s a summary of the key ‘You’re the Boss’ draws:

  • Low Rates. Coast’s current 5-year fixed mortgage rate is at 3.85%, occupying the best available rate on Ratehub.ca in British Columbia.
  • Prepaymentoptions. You can prepay up to 30% of your mortgage per year and double your monthly payments.
  • Withdrawal feature. You can re-borrow the extra payments you made though exercising your prepayment privileges at any time without penalty.
  • Skip a payment. Skip a mortgage payment once a year, no questions asked.

The generous prepayment options are not only the best we have seen, but the withdrawal feature means you essentially have a line of credit at your disposal (up to the amount of your prepayments) at a low fixed interest rate (3.85%, at the moment).

Naturally, there are a couple of drawbacks to consider as well. For one, the ‘You’re the Boss’ mortgage is only available in the locations where Coast Capital operates, which is primarily the Greater Vancouver Area. Further, as with all credit unions, you are obliged to set up a chequing account with the lender in order to access the mortgage products.

Although the chequing account requirement is not ideal for those who would prefer not to move over all their banking services to Coast Capital, it is a requirement that can be easily accommodated. All considered, the ‘You’re the Boss’ mortgage is an excellent product that we at Ratehub.ca highly recommend.

For more information, you can connect directly with Dara Fahy at 1-888-586-3453.