What you should know
- Headline rate is half the story. On private and B-lender deals, 1–3% lender fees + broker + legal can make a "low rate" offer more expensive than a "higher rate" one.
- Your tier is set by your file, not your goal. Beacon, LTV, income source, and property type determine which lenders will even look at your application.
- Rate ranges below are weekly market snapshots. Your actual rate depends on the specific lender, deal size, and property. Get a real quote to see exact pricing.
A-Lender Rates — Banks, Credit Unions, Monolines
The cheapest tier on rate. For borrowers who pass the B-20 stress test, have 680+ beacon, and provable income via T4 or a 2-year self-employed average.
| Product | Rate range | Term | Notes | |
|---|---|---|---|---|
| 5-yr fixed (insured purchase)CMHC-insured, <20% down | 4.59 – 5.19% −5 bps | 5 yr | Best rates require CMHC insurance, <20% down on first $500K | Get a quote → |
| 5-yr fixed (uninsured)20%+ equity refinance | 4.99 – 5.59% flat | 5 yr | 20%+ equity required for refinance | Get a quote → |
| 3-yr fixedShorter term option | 4.94 – 5.49% −10 bps | 3 yr | Common for those expecting rates to fall | Get a quote → |
| 5-yr variableTied to prime | 4.95 – 5.95% flat | 5 yr | Prime ~5.45% currently; variable = prime −0.5% to prime +0.5% | Get a quote → |
| HELOCHome equity line of credit | 5.95 – 7.45% flat | Open | Interest-only, secured against property | Get a quote → |
Bank declined your file?
Most A-lender declines have a clean B-lender or private path. See your alternative options in 2 minutes.
B-Lender Rates — Alternative Lenders
For borrowers who don't fit A-lender boxes — bad credit, self-employed with heavy write-offs, short time in business, recent credit events. B-lenders price for risk and charge a lender fee.
| Product | Rate range | Lender fee | Notes | |
|---|---|---|---|---|
| B-lender 1-yr fixedCredit rebuild path | 6.49 – 7.99% | ~1% | Common for credit rebuild — refinance to A-lender at term end | Get a quote → |
| B-lender 2-yr fixedMore time before re-shopping | 6.74 – 8.24% | ~1% | Slightly higher rate, longer runway | Get a quote → |
| B-lender stated incomeSelf-employed bank statements | 6.99 – 8.49% | ~1% | Bank statement program, self-employed under 2 years | Get a quote → |
| B-lender 2nd mortgageBehind your existing 1st | 7.99 – 9.99% | ~1% | Combined LTV typically max 80% | Get a quote → |
Self-employed and need a real quote?
B-lenders have bank-statement programs that don't require 2 years of T4-equivalent income. See your options.
Private Mortgage Rates — MICs & Individual Lenders
Equity-based lending. Approval depends on the property's value and your equity position — not your beacon or income. Used for fast closes, urgent funding, properties banks won't lend on, or situations where every other tier has said no.
| Product | Rate range | Lender fee | Notes | |
|---|---|---|---|---|
| Private 1st mortgage12-month interest-only | 8.99 – 12.99% | ~1 – 2% | Exit plan required; max 75% LTV metro, 65% rural | Get a quote → |
| Private 2nd mortgageBehind existing 1st | 10.99 – 14.99% | ~1.5 – 3% | Max combined LTV 75% metro | Get a quote → |
| Bridge financingBuying before selling | 9.49 – 11.99% | ~1 – 2% | Open prepayment, 3 – 12 month term, fast close | Get a quote → |
| Construction completionPartial-completion files | 10.49 – 13.49% | ~2 – 3% | Specialized — when project ran over budget or timeline | Get a quote → |
| Rural / acreageWhen banks won't lend | 9.49 – 13.49% | ~1.5 – 2.5% | Property type, water/septic, access road all matter | Get a quote → |
Need to close fast — 5 to 10 days?
BC private lenders can fund in under 10 business days for clean files. Tell us your situation and we'll route you to the lender most likely to fund it.
Total All-In Cost — Worked Example, $400K Loan, 12 Months
Headline rate vs. real cost over the term, including fees:
| Tier | Rate | Lender fee | Monthly | 12-month all-in* |
|---|---|---|---|---|
| A-lender 5-yr fixed | 5.00% | $0 | $1,667 | ~$20,000 |
| B-lender 1-yr fixed | 7.50% | $4,000 (1%) | $2,500 | ~$34,000 |
| Private 1st (mid) | 10.99% | $6,000 (1.5%) | $3,663 | ~$54,000 |
| Private 2nd (mid) | 12.99% | $8,000 (2%) | $4,330 | ~$63,000 |
*Includes interest + lender fee + ~$2,500 estimated legal/appraisal + ~1% broker fee on B-lender and private. Use the calculator for your specific numbers.
How we track these rates
Vantage tracks rate ranges weekly across BC's three mortgage lender tiers. We monitor publicly posted rates from 30+ BC-active lenders (Big 6 banks, monolines, MICs, BC credit unions), plus aggregated commitment data from licensed BC brokers who fund deals through Vantage. The ranges shown reflect actual recent commitments — not "from" rates designed to advertise.
Quotes we route to BCFSA-licensed brokers come back with the lender's actual offer, including all lender, broker, legal, and appraisal fees in writing.
Things to ask before signing any mortgage commitment
- Is the offered rate the contract rate or the qualifying rate? The contract rate is what you'll pay. The qualifying rate (contract + 2%, or the Bank of Canada qualifying rate, whichever is higher) is used by A-lenders for the stress test.
- What are ALL the fees? Lender, broker, legal, appraisal, title insurance. Ask for the full breakdown in writing before you sign anything.
- What's the prepayment penalty? On an A-lender 5-year fixed, this can be 3 months interest OR an IRD (interest rate differential) — sometimes $10,000+. Privates and B-lenders are usually open after 3 – 6 months.
- What happens at renewal? Some lenders charge a renewal fee (1 – 2%) if you don't pay out at maturity. Others don't. Privates without a clear exit can become very expensive.
- What's the exit plan? On a private mortgage, the underwriter cares more about your 12-month exit than your beacon. Have it written down before applying.
Frequently asked questions
How often do you update these BC mortgage rates?
We refresh rate ranges weekly based on posted rates from 30+ BC-active lenders and aggregated commitment data from BCFSA-licensed brokers. The "Updated" date at the top of this page reflects the most recent refresh.
Why are private mortgage rates so much higher than bank rates?
Private lenders take on files banks won't — bad credit, self-employed without 2 years of T4-equivalent income, urgent close timelines, unusual property types. They price for risk. The 8.99 – 14.99% range reflects this risk premium plus the fact that private mortgages are usually 12-month interest-only loans, where the lender's annualized return needs to cover their cost of capital plus a margin.
Is there a fee to use Vantage?
No. Vantage is free to use. The BCFSA-licensed brokers we refer you to are compensated by the lender on completed deals — not by you upfront. Brokers may charge a broker fee on private mortgage deals (typically 1%), which is disclosed in the commitment letter before you sign anything.
Do I need good credit to get a mortgage quote through Vantage?
No. About 60% of files routed through Vantage are private or B-lender — which are equity-based, not credit-based. If you have 20%+ equity in a BC property, you almost certainly have a lender willing to fund. We don't pull credit until you authorize a specific lender to do so.
How fast can a BC private mortgage close?
5 – 10 business days from accepted commitment letter to funding, for clean files. Faster on urgent files (3 – 5 days) where the appraisal is in hand and there are no title issues. Bank/A-lender files take 3 – 6 weeks. Speed is one of the main reasons borrowers go private.
Want a real quote, not just a range?
Take the 2-minute qualifier and a BCFSA-licensed mortgage professional will pull 2 – 4 competing offers tailored to your specific situation. No credit pull, no obligation.
Check My OptionsRates last reviewed: May 22, 2026. All rates are general market ranges based on publicly posted rates and aggregated BC broker commitment data. Subject to change without notice. OAC. Information for educational purposes only — not a commitment to lend. Speak with a BCFSA-licensed mortgage professional for offers specific to your situation. Vantage does not arrange, broker, or negotiate mortgages.