Closed Fixed Business Mortgage
- Available for business use: commercial property
- Interest compounded annually
- Term lengths 1 ,2, 3, 4, 5, 7 and 10 years
- All payment frequencies available
- Prepayment options
- You can prepay up to 20% of the original amount of the mortgage during each 12-month period from the anniversary date. This privilege is not cumulative from year to year and does not apply if you wish to prepay the mortgage in full, renegotiate the rate, or prepay more than 20%.
- If you wish to prepay in full, renegotiate, or prepay more than 20%, you'll pay the greater of:
- 90 days’ interest or
- the interest difference of the current posted rate of a similar mortgage type with an equal term.
- Convertible and buy down options/consolidations:
- Pay the greater of 75% of:
- 90 days’ interest or
- the interest difference of the current posted rate of a similar mortgage type with an equal term.
- May select any Business Closed Mortgage product
- For consolidations, the above penalties shall apply or a blended rate as approved by our Retail Team.
- Pay the greater of 75% of:
- Early renewal
- 3-month option to early renew
- Current expiry must be within 3 months or less
- Applicable application fees
Closed Variable Business Mortgage
- Available for business use: commercial property
- Interest compounded annually
- Term length: 5 years
- All payment frequencies available
- Prepayment options
- Prepay the whole or any part of the principal amount outstanding without penalty, unless payment is received directly or indirectly from another lender or financial institution. If that is the case, you shall pay a 90-day interest penalty.
- No penalty charged if the property is sold
- Convertible and buy down options/consolidations:
- Upon payment of a $250 conversion fee, you may select any Business Closed Fixed Mortgage product
- Applicable application fees
Open Fixed Business Mortgage
- Available for business use: commercial property
- Interest compounded annually
- Term length: 1 year
- All payment frequencies available
- Unlimited prepayment
- Convertible and buy down options/consolidations:
- Blended - upon payment of a $250 conversion fee you may select any Business Closed Mortgage product
- Non-blended - must be termed into a new mortgage
- Applicable application fees
Closed Fixed Construction Business Mortgage
- Available for business use: commercial property
- Interest compounded annually
- Term lengths 1 ,2, 3, 4, 5, 7 and 10 years
- Repayment terms
- Monthly interest only payments required during 12- month construction phase
- Initial term must be a blended 5, 7, or 10 years
- All payment frequencies available
- Prepayment options
- You can prepay up to 20% of the original amount of the mortgage during each 12-month period from the anniversary date. This privilege is not cumulative from year to year and does not apply if you wish to prepay the mortgage in full, renegotiate the rate, or prepay more than 20%.
- If you wish to prepay in full, renegotiate, or prepay more than 20%, you'll pay the greater of:
- 90 days’ interest or
- the interest difference of the current posted rate of a similar mortgage type with an equal term.
- If the property is sold during the mortgage term:
- the penalty may be waived subject to you obtaining a new Innovation mortgage and selecting a minimum 1-year term
- If the new mortgage is approved within 6 months from the date of payout of the previous mortgage, the penalty can be refunded upon disbursal of the new mortgage proceeds. Refund of the penalty will not occur prior to disbursal of the new mortgage.
- Convertible and buy down options/consolidations:
- Pay the greater of 75% of:
- 90 days’ interest or
- the interest difference of the current posted rate of a similar mortgage type with an equal term.
- May select any Business Closed Mortgage product
- For consolidations, the above penalties shall apply or a blended rate as approved by our Retail Team.
- Pay the greater of 75% of:
- Applicable application fees
Closed Variable Construction Business Mortgage
- Available for business use: commercial property
- Interest compounded annually
- Term length: 5 years
- Repayment terms
- Monthly interest only payments required during 12- month construction phase
- Initial term must be a blended 5, 7, or 10 years
- All payment frequencies available
- Prepayment options
- Prepay the whole or any part of the principal amount outstanding without penalty, unless payment is received directly or indirectly from another lender or financial institution. If that is the case, you shall pay a 90-day interest penalty.
- No penalty charged if the property is sold
- Convertible and buy down options/consolidations:
- Upon payment of a $250 conversion fee, you may select any Business Closed Fixed Mortgage product
- Applicable application fees
Calculators on the site are made available to you as tools for independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy. All examples are hypothetical and are for illustrative purposes only. Please contact us directly to seek personalized advice from qualified professionals for all personal finance issues.
AIR = Annual Interest Rate
APR = Annual Percentage Rate
Annual Interest Rate = The total cost of credit expressed as an annual percentage, not including various non-interest charges.
Annual Percentage Rate = The total cost of credit expressed as an annual percentage, taking into account, both interest and various non-interest charges.
If there are no non-interest finance charges, the AIR and APR will be the same.
APR Assumptions:
a. $300,000 Mortgage
b. 25 Year Amortization
c. Applicable Term for Each
d. $400 Appraisal Fee
Applicable to residential mortgages only and subject to Innovation Federal Credit Union lending criteria for residential properties. Some conditions apply.
Interest rate compounded semi-annually not in advance. Interest rates are subject to change without notice.Applicable to residential mortgages only and subject to Credit Union lending criteria for residential properties. Some conditions apply.