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CMHC - Save thousands on your first home Expand/Collapse

The Government of Canada’s First Time Home Buyer Incentive makes buying your first home more affordable.

Learn more about the Shared Equity Mortgage (SEM) incentive that can save you THOUSANDS!

Choose the right mortgage for you Expand/Collapse

Choose the perfect mortgage* type and payment option:

  • Variable rate mortgages - your mortgage rate floats with the prime interest rate.

  • Fixed rate mortgages - protect against future interest rate increases.

  • Open mortgages - pay off your mortgage early without penalty. For example, if you sell your house.

  • Home Equity Line of Credit (HELOC) - secure a line of credit using home equity. You'll enjoy lower interest rates and access to money for other expenses or home reno projects.

  • Consumer revenue property mortgage - invest in a residential income property.

  • Consumer construction mortgage - build the home of your dreams.  Use our worksheet to track costs involved with the construction of a new home.**

What to know before your appointment Expand/Collapse

Protect yourself against the unexpected Expand/Collapse

A protection plan provides peace of mind for you and your loved ones. During a tough time, you can focus on your family. We'll focus on protecting you from financial loss.

We have many affordable coverage options to keep your home and family safe. Ask us about your protection options.

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 about your protection options.

Pay your mortgage down faster Expand/Collapse

Pay down your mortgage faster with our 20/20 pay-down option. You can choose one or both options:
  • Pay up to 20% of your original mortgage principal each year without penalty

  • Increase your monthly payments by 20% without penalty
20% monthly payment example:

Let's say you have the following mortgage:

  • Mortgage: $200,000
  • Rate: 2.09%
  • 25 year amortization
  • Monthly payment= $855.61

You can increase your monthly payments by 20%.
$855.61 x 20%= $171.12

This means your maximum monthly payment could be $1026.73.

If you pay $1026.73/month, your mortgage length changes from 25 years to 19.83 years!

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

You can put up to $40,000 extra on your mortgage per year ($200,000 x 20%=$40,000) over the course of your mortgage without penalty. This would also change your mortgage length from 25 years to 19.83 years!

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

Contact us!

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Terms & Conditions of Offers Expand/Collapse

*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 October 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 October 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 $1,500 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.

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