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.

Rates subject to change without notice.

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

Additional information for building mortgages 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 Federal 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 June 30, 2022, 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:

• $1,000 cash back on a mortgage loan of $100,000 – $299,999
• $1,200 cash back on a mortgage loan of $300,000, – $499,999
• $2,000 cash back on a mortgage loan of $500,000 – $749,000
• $,3,000 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 June 30, 2022, but may end at any time 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