Choose from Variable or Fixed Mortgages
Special Rates
| Type | Length | Rate | APR | |
|---|---|---|---|---|
| Closed Variable | 5 Years | 4.350% | 4.377% | Choose Mortgage |
Posted Rates
These rates may be used for mortgage prepayment penalty purposes.
| Type | Length | Rate | APR | |
|---|---|---|---|---|
| Open Variable | 5 Years | 7.750% | 7.777% | Choose Mortgage |
| Closed Variable | 5 Years | 5.700% | 5.730% | Choose Mortgage |
Special Rates
| Type | Length | Rate | APR | |
|---|---|---|---|---|
| Closed Fixed | 6 Month | 6.040% | 6.307% | Choose Mortgage |
| Closed Fixed | 1 Year | 4.890% | 5.023% | Choose Mortgage |
| Closed Fixed | 2 Years | 4.790% | 4.857% | Choose Mortgage |
| Closed Fixed | 3 Years | 4.590% | 4.634% | Choose Mortgage |
| Closed Fixed | 4 Years | 4.690% | 4.723% | Choose Mortgage |
| Closed Fixed | 5 Years | 4.790% | 4.820% | Choose Mortgage |
| Closed Fixed | 7 Years | 5.290% | 5.310% | Choose Mortgage |
| Closed Fixed | 10 Years | 5.490% | 5.500% | Choose Mortgage |
Posted Rates
These rates may be used for mortgage prepayment penalty purposes.
| Type | Length | Rate | APR | |
|---|---|---|---|---|
| Closed Fixed | 6 Month | 6.140% | 6.407% | Choose Mortgage |
| Closed Fixed | 1 Year | 5.500% | 5.633% | Choose Mortgage |
| Closed Fixed | 2 Years | 5.800% | 5.867% | Choose Mortgage |
| Closed Fixed | 3 Years | 6.050% | 6.094% | Choose Mortgage |
| Closed Fixed | 4 Years | 6.050% | 6.083% | Choose Mortgage |
| Closed Fixed | 5 Years | 6.100% | 6.127% | Choose Mortgage |
| Closed Fixed | 7 Years | 6.500% | 6.519% | Choose Mortgage |
| Closed Fixed | 10 Years | 6.800% | 6.813% | Choose Mortgage |
Open Rates
| Type | Length | Rate | APR | |
|---|---|---|---|---|
| Open Fixed | 1 Year | 6.990% | 7.123% | Choose Mortgage |
How do I decide which is the right mortgage for me?
If you need help choosing a mortgage, try our mortgage selector tool! It's a great starting point to find your best mortgage option. You can also reach out to us for help at 1.866.446.7001.
What is the difference between an open vs closed mortgage?
Open mortgages let you make large payments without penalty.
Closed mortgages make budgeting easier since you’ll always know your mortgage payment amount.
What is the difference between a fixed vs variable rate mortgage?
A fixed rate protects against rate increases. Your mortgage rate will remain the same throughout your mortgage term.
A variable rate floats with the Prime rate so that you can take advantage of rate decreases.
How long can I lock in an Innovation pre-approved mortgage rate?
You can lock in your pre-approved mortgage rate for 120 days.
*To qualify for the 5-year insured closed fixed special mortgage rate, mortgages must be insured by a guarantee company such as Canada Mortgage and Housing Corporation, Sagen™ (formerly known as Genworth Canada). Special pricing is only available on residential mortgages with payment frequencies of weekly, bi-weekly, semi-monthly and monthly. Mortgages greater than $1 million, refinances, or for rural locations such as acreages are not eligible for special residential mortgage rates.
Rates subject to change without notice.
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.
Learn more about our accounts and services. Review our Account and Fee Information (pdf).
Identify the interest rates applicable to your account(s) and how they're calculated. Review our About Our Interest Calculations (pdf) document.