At Innovation Credit Union, we have a number of mortgage
products and choices of payment for your convenience.
Consumer Open Variable 
The Consumer Open Variable Mortgage is perfect for people who enjoy
having their mortgage float along with the prime interest rate. It is
available for your primary home, cabin or cottage or a second home (non-revenue
property). There is an unlimited prepayment option and no penalty is
charged, if the property is sold. Enjoy a floating interest rate.
Consumer Closed Variable
The Consumer Closed Variable Mortgage is perfect for people who enjoy
having their mortgage float along with the prime interest rate. It is
available for your primary home, cabin or cottage, or a second home (non-revenue
property). There is no penalty charged, if the property is sold. A prepayment
penalty is imposed only when the mortgage is paid out by another Financial
Institution. Enjoy a floating interest rate.
Consumer Open Fixed
The Consumer Open Fixed Mortgage is perfect for people who are concerned
about future interest rate increases. It's available for your primary
home, cabin or cottage or a second home (non-revenue property). There
is an unlimited prepayment option and no penalty is charged, if the property
is sold. Enjoy a fixed interest rate.
Consumer Closed Fixed
The Consumer Closed Fixed Mortgage is perfect for people who are concerned
about future interest rate increases. It's available for your primary
home, cabin or cottage or a second home (non-revenue property). Prepay
up to 20% of the original amount of the mortgage during each 12 month
period from the anniversary date without penalty. You can also increase
your regular payment during each term by a cumulative maximum increase
of 20%. If the property is sold during the mortgage term, the penalty
may be waived subject to the borrower obtaining a new Innovation Credit
Union mortgage with a minimum 1 year term. Enjoy a fixed interest rate.
Consumer Revenue Property Closed Variable
The Consumer Revenue Property Closed Variable Mortgage gives you the
opportunity to invest in a residential revenue property. It's available
for non-principal residences such as rental units (Single Dwelling, Duplex,
Tri-Plex and 4-Plex). There is a prepayment penalty imposed only when
the mortgage is paid out by another Financial Institution. If the property
is sold during the mortgage term, the penalty may be waived subject to
the borrower obtaining a new Innovation Credit Union mortgage with a
minimum 1 year term. Enjoy a floating interest rate.
Consumer
Revenue Property Closed Fixed
The Consumer Revenue Property Closed Fixed Mortgage gives you the opportunity
to invest in a residential revenue property. It's available for non-principal
residences such as rental units (Single Dwelling, Duplex, Tri-Plex and
4-Plex). Prepay up to 20% of the original amount of the mortgage during
each 12 month period from the anniversary date without penalty. If the
property is sold during the mortgage term, the penalty may be waived
subject to the borrower obtaining a new Innovation Credit Union mortgage
with a minimum 1 year term. Enjoy a fixed interest rate.
Consumer Quick Loan Mortgage
- Blended Payment
The Consumer Quick Loan Mortgage - Blended Payment gives you the freedom
of revolving credit. You pay interest only on the funds used! It's available
for your principal residence, cabin or cottage, a second home or revenue
property. The minimum credit limit is $10,000 with a minimum fund disbursement
of $500. Your payment is based on the credit limit with all payment frequencies
available. There is an unlimited prepayment option with no penalty charged,
if your property is sold. Enjoy a floating interest rate.
Consumer Quick Loan Mortgage
- % of Balance
The Consumer Quick Loan Mortgage - % of Balance gives you the freedom
of revolving credit. You pay interest only on the funds used! It's available
for your principal residence, cabin or cottage, second home or revenue
property. The minimum credit limit is $10,000 with a minimum fund disbursement
of $500. Your monthly payment is 1% of the outstanding principal balance
plus the accrued interest. There is an unlimited prepayment option with
no penalty charged, if your property is sold. Enjoy a floating interest
rate. | 
