Mortgages

Checklist : When applying for a mortgage, we'll need some documents and information. Here’s our mortgage application checklist (pdf).

Residential Mortgage Security: When you borrow money to buy a house, we require security in the form of real property (pdf).

Mortgage Default Insurance: As per legislation, we can only lend up to 80% of the purchase price or value of your new home. If you have less than 20% for a down payment, you'll need mortgage default insurance (pdf).

Typical documents include government ID, income verification, recent pay stubs/Notice of Assessments, and property insurance. Some lenders may require more. Check out our helpful mortgage application checklist (pdf).

Timelines vary by lender and file complexity; pre-approvals can be same day, while appraisals/funding can add several days. 

For a residential property appraisal, the document requirements are usually quite minimal compared to a full mortgage application. The appraiser’s goal is to assess the property itself, not the borrower. Therefore, the only document that is required is the request to an accredited appraiser.

A home appraisal typically takes about 3–10 business days, but the full timeline can vary depending on the property and market conditions. Plan for 1 week on average but allow up to 10 business days to be safe.

Learn more about the First Home Savings Account. Because contributions aren’t taxed and withdrawals used to purchase a home aren’t either, you can save more money for your down payment.

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.

With an insured mortgage, if you are unable to make your mortgage payments, CUMIS, our reputable insurance company, will make the payments for you. You can apply for a variety of insurance types for your mortgage: disability, life, loss of employment, or critical illness. So, for example, if you lost your job and had loss of employment insurance on your mortgage, CUMIS would make your mortgage payments until you found a job again (up to maximum time noted in your policy). You wouldn’t have to worry about losing your home during such a difficult time.

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.

Open mortgages let you make large payments without penalty.

Closed mortgages make budgeting easier since you’ll always know your mortgage payment amount.

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. 

A Home Equity Line of Credit (HELOC) allows you to access the equity in your home — the difference between what your home is worth and what you still owe.

With a home equity loan, you can easily access funds like you do with a regular line of credit. Your approved loan amount is conveniently attached to your chequing account so there is no need to make transfers from one account to another. Spend what you need, whenever you need to, up to your available credit limit. 

You pay interest only on the amount you use. Plus, interest rates are usually lower than other types of credit, which can save you money over time.

The amount you can borrow depends on your home's value and mortgage balance. With Innovation, you can access up to 65% of your home's value, minus what you still owe on your mortgage. Your financial situation counts too when it comes to your borrowing limit. A good credit history and a steady income can help you borrow more.

A HELOC line of credit is a financial tool that grows with you. As you pay down your mortgage and the value of your home increases, the credit available to you may increase as well.

It’s as simple as contacting us before your mortgage term ends. You can book a consultation with one of our advisors to go over your current financial situation and future plans. 

We’ll assess your income, expenses, and credit score to ensure your new deal has the best possible terms. Then, you’ll be presented with clear, personalized options. Our specialists will lay out the pros and cons of each choice.

A fixed-rate mortgage loan or a variable interest rate? A longer or shorter term? Make these important decisions with confidence, all thanks to friendly mortgage renewal tips.

After you’ve picked your ideal mortgage renewal package, we’ll simplify the paperwork process and coordinate with all involved parties. Renewing your mortgage can be a smooth experience.

If you want to start your mortgage renewal process, the most appropriate time is around 4-6 months before your current term runs out. So, grab a calendar and take advantage of your mortgage renewal to review your home financing. 

You might even hear from your Innovation advisor around this time to discuss your mortgage renewal options. You’ll have the luxury of exploring alternatives without feeling the stress of a ticking clock.

Remember, just because this is a mortgage renewal versus your first mortgage, that doesn’t mean you’re expected to be a mortgage expert. We’re here to guide you through the entire process and help you pay off your mortgage faster! Be sure to ask about our prepayment options designed to save you thousands.

With a Fresh Start Mortgage, it’s easier to account for all types of income. That includes the earnings of self-employed business owners and entrepreneurs, who all too often run into issues with traditional lenders.

Our Fresh Start home loan can also serve as a newcomer mortgage. Some lenders hesitate to offer loans to new Canadian residents. But we’re willing to work with you and support your dream of owning a home. Our first-time home-buyer programs support a wide range of needs.

You'll need a credit score of 620.

Bridge financing is a loan used to cover the timing gap between purchasing a new home and selling an existing one.

Typical documents you’d need for such a loan include government ID, income verification, recent pay stubs/Notice of Assessments, and property insurance. Some lenders may require more. 

Timelines vary by lender and file complexity; pre-approvals can be same day, while appraisals/funding can add several days. 

Yes, if you’ve met all eligibility requirements; you can use these funds for your first-home pre-approval application.

FHSA and HBP funds are meant to support your overall home purchase. So, you can use either of these plans to help cover the cost of an appraisal.

No. FHSA and HBP are only available to individuals who qualify as first-time home buyers. Since bridge financing is used to cover the timing gap between purchasing a new home and selling an existing one, it typically applies to current homeowners who would not meet that eligibility requirement.

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.

Ask us how you can take advantage of the option without penalty.

When you have an Innovation mortgage, you’ll earn cash every three months simply by having a mortgage with us. You can earn additional cash for having other loan or savings products with us, plus monthly cash for conducting basic digital banking transactions. Learn more about our Member Rewards program.

• Available for personal use: principal residence, secondary residence, cabin, cottage, condo, non-revenue property
• Conventional and Canada Mortgage and Housing Corporation (CMHC) approved
• Interest compounded annually
  
• Term lengths 1 ,2, 3, 4, 5, 7 and 10 years 
• See current rates
• 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. 
    • Innovation will allow 20% prepayment without penalty at the time of payout providing funds are not coming from another financial institution and the prepayment privilege has not been utilized since the anniversary date. (Mortgage schedules allow for the collection of the additional 20% penalty. The privilege is subject to change.) 
• Payment increase 
  • During each term, you may increase the regular payment by a cumulative maximum increase of 20%
  • If the regular payment has increased, you may decrease the payment to an amount not less than original payment set at the beginning of the term
• Property sold 
  • If the property is sold during the mortgage term, the penalty may be waived subject to you obtaining an Innovation mortgage of equal or greater value 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. 
• 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 Personal Closed Mortgage product.
  • For consolidations, the above penalties shall apply or a blended rate as approved by our Retail Team.
• Early renewal
  • 6-month option to early renew
  • Current expiry must be within 6 months or less
• Applicable application fees

• Available for personal use: principal residence, secondary residence, cabin or cottage
• Conventional and CMHC approved
• Interest compounded annually
  
• Term length 5 years
• See current rates
• Blended repayment terms 
  • All payment frequencies available 
  • CMHC Blended 5-year term 
•  Non-blended repayment terms 
  • On demand, lump sum – due in 1 year or less
• Prepayment options 
  • Once per year, you may put a lump sum of 20% of the original principal amount of your mortgage loan toward your outstanding balance. You may also increase your regular mortgage payment by 20%. Prepayment Privileges may only be used when your mortgage loan is not in default.
  • You will be charged a penalty if you pay more of your mortgage loan than the Prepayment Privilege allows. If you want to pay out all or part of your mortgage loan before the end of the term, you will also pay a penalty. Your penalty will equal 90 days’ interest.
• No penalty charged if the property is sold
• Convertible and buy down options/consolidations:
  • Pay 75% of 90 days' interest
  • May select any Personal Closed Mortgage product
  • For consolidations, the above penalties shall apply or a blended rate as approved by our Retail Team
• Applicable application fees

• Available for personal use: principal residence, secondary residence, cabin, cottage, condo, nonrevenue property
• Conventional and CMHC approved
• Interest compounded annually
• Term length 1 year
• See current rates
• Blended repayment terms
  • All payment frequencies available
• Non-blended repayment terms
  • On demand, lump sum – due in 1 year or less 
  • Interest only option not available
• Unlimited prepayment
•  No penalty charged if the property is sold
• Convertible and buy down options/consolidations
  • Upon payment of a $100 conversion fee, you may select any Personal Mortgage product
• Applicable application fees

• Available for personal use: principal residence, secondary residence, cabin, cottage, condo, nonrevenue property
• Conventional and CMHC approved
• Interest floating – semi-annual equivalent rate calculation
• Term length 5 year
•  See current rates
• Blended repayment terms
  • All payment frequencies available
• Non-blended repayment terms
  • On demand, lump sum – due in 1 year or less 
  • Interest only option not available
• Unlimited prepayment 
• No penalty charged if the property is sold
• Convertible and buy down options/consolidations
  • Upon payment of a $100 conversion fee, you may select any Personal Mortgage product
• Applicable application fees