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Mortgage Offer Details and Benefits
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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 December 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 December 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 December 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 December 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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