We are pleased to offer a number of mortgage* products and payment options for you to choose from:

• Our variable rate mortgages are ideal if you want to have your mortgage rate float with the prime interest rate.
• Our fixed rate mortgages are ideal if you are concerned about future interest rate increases.
• Our open mortgages let you pay off your mortgage early without penalty, for example, if your house is sold.
• Our flexible mortgages give you the freedom of revolving credit. Your mortgage balance will fluctuate as you make payments to it, or use funds from it, up to the established credit limit.
• Our consumer revenue property mortgage helps you invest in a residential income property.
• Our consumer construction mortgage helps you build the home of your dreams.  Click here to view our construction mortgage worksheet which outlines some of the costs involved with the construction of a new home.**

• Checklist
  When applying for a mortgage, your financial advisor will need some documents and information. Here is a mortgage application checklist to help you out.
• Residential Mortgage Security
  When you borrow money to buy a house, security in the form of real property is required to obtain a mortgage. Learn more.
  
• Residential Mortgage Default Insurance
  Legislation limits financial institutions to lend a maximum of 80% of the purchase price (or appraised value) of the property you are purchasing, whichever is less. Should the borrower have less than 20% for a down payment (therefore exceeding the 80% loan to property value maximum) mortgage default insurance must be obtained. Learn more.

We are pleased to offer a variety of convenient and affordable coverage options to keep your home and family protected from the unexpected.

When life takes a hard turn, your protection plan will minimize stress and provide peace of mind to you and your loved ones. While you focus on the situation at hand, we'll focus on protecting you from financial loss.

Already have a mortgage with us?
It's never too late to add coverage to your existing mortgage. Enrolling is easy and we offer a 30 day free trial period. Ask us today about your protection options.

With our 20/20 pay-down option, you can pay up to 20% of your original mortgage principal each year in addition to increasing your scheduled payments by 20% without penalty. You'll be able to pay off your mortgage faster and save money on interest payments.

20% scheduled payment example:
Let's say you have the following mortgage description:

Mortgage: $200,000
Rate: 2.59%
25 year amortization
Monthly payment= $904.92

You can increase your scheduled payments by 20%.
$904.92 x 20%= $180.98

This means your maximum monthly payment could be $1,085.90

If you pay $1,085.90/month, your mortgage amortization is reduced from 25 years to 19.5 years! Not only do you pay down your mortgage faster but you'll pay less interest.

20% original principal example:
Let's keep the same mortgage details:

$200,000 mortgage over 25 years

You can put up to $40,000 extra on your mortgage per year ($200,000 x 20%=$40,000) over the duration of the mortgage without penalty. Again, you pay down your mortgage faster and save on interest!

If you'd like to take advantage of our 20/20 option, contact us today!

*Innovation Credit Union will lend for properties located in Canada only.

**Additional information could be required depending on the type of construction project you are undertaking.

First Time Home Buyers Terms & Conditions
This offer applies to First Time Home Buyers* (the “Applicants”). Mortgage loans must have a principal amount of $100,000 or more, must be an Innovation Credit Union (“Innovation”) Fixed-Rate Closed mortgage loan at Innovation’s posted 5-year Closed Fixed (Special) mortgage interest rate, and must have a term of 5 years with an amortization of 25 years or less. Offer applies to consumer residential mortgage loans only.

Applicants must have an Innovation No-Fee Bank Account and Member Rewards Account. Pre-authorized mortgage payments must come from an Innovation bank account. Mortgage application must be submitted to Innovation by March 31, 2020 and mortgage must be funded within 120 days of application.

Qualifying Applicants will receive cash back based on their mortgage loan amount. Cash back amounts are tiered as follows:

o $1,000 cash back on a mortgage loan of $100,000 - $299,999
o $1,200 cash back on a mortgage loan of $300,000, - $499,999
o $2,000 cash back on a mortgage loan of $500,000 - $749,000
o $2,500 cash back on a mortgage loan of $750,000 or more.

Cash back amount will be deposited into the Applicant’s Innovation Member Rewards Account within 30 business days after mortgage funding. In the case of joint mortgages, the cash back amount will be divided equally amongst all mortgage holders. Investment income earned on Member Rewards Account balances may be taxable. If the offer ends before the 30 business days after funding, Innovation will still pay the cash back amount to the Applicants, provided the above terms and conditions are met.

Offer is subject to meeting Innovation's credit approval criteria. Offer may end or change at any time without notice. From time to time, and without notice, Innovation may change, supplement or amend these terms and conditions. Offer expires October 31, 2020 but may end at anytime without notice.

* First Time Home Buyers are defined as any of the following: An individual who has never purchased/owned a home; an individual experiencing the breakdown of a marriage or common-law partnership; or an individual who, in the last four (4) years, has not occupied a home that their current spouse or common-law partner owns or has owned. For more information visit: https://www.placetocallhome.ca/fthbi/first-time-homebuyer-incentive

Mortgage Transfer Offer Terms & Conditions
This offer applies to anyone who transfers their mortgage loan to Innovation Credit Union (“Innovation”) from another financial institution (the “Applicants”). Mortgage loans must have a principal amount of $100,000 or more, must be an Innovation Fixed-Rate Closed mortgage loan at Innovation’s posted 5-year Closed Fixed (Special) mortgage interest rate, and must have a term of 5 years with an amortization of 25 years or less. Offer applies to consumer residential mortgage loans only.

Applicants must have an Innovation No-Fee Bank Account and Member Rewards Account. Pre-authorized mortgage payments must come from an Innovation bank account. Mortgage application must be submitted to Innovation by March 31, 2020 and mortgage must be funded within 120 days of application.

Innovation will reimburse qualifying Applicants for the fees* incurred to transfer their mortgage. The fee reimbursement amount will be for the amount of the fees incurred, up to a maximum amount that is based on the Applicant’s Innovation mortgage amount. Maximum fee reimbursement amounts are tiered as follows:

• Up to $500 fee reimbursement on a mortgage loan of $100,000 - $199,999
• Up to $1,000 fee reimbursement on a mortgage loan of $200,000 - $299,999
• Up to $2,500 fee reimbursement on a mortgage loan of $300,000 or more.

The fee reimbursement amount will be deposited into the Applicant’s Innovation Member Rewards Account within 30 business days after mortgage funding. In the case of joint mortgages, the fee reimbursement amount will be divided equally amongst all mortgage holders. Investment income earned on Member Rewards Account balances may be taxable. If the offer ends before the 30 business days after funding, Innovation will still pay the fee reimbursement amount to the Applicants, provided the above terms and conditions are met.

Offer is subject to meeting Innovation's credit approval criteria. Offer may end or change at any time without notice. From time to time, and without notice, Innovation may change, supplement or amend these terms and conditions. Offer expires October 31, 2020 but may end at anytime without notice.

*Fees include fees associated with the mortgage application, transfer, registration, and discharge but do not include penalties that are charged by the other financial institution for the mortgage transfer.