Get up to $1,500*

Mortgage Transfer Offer

Get up to $1,500* to help pay mortgage transfer fees. Enjoy an easy process and great rates!

Be debt free faster

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.

Discover easy, fast approvals

You can expect your mortgage approval quickly. You can even meet with our Mortgage Specialists on your time, outside of regular bank hours. They’ll make your transfer seamless.

Earn cash dividends

You earn cash dividends on a mortgage with us. The more you bank with us, the more you benefit.

Get a great rate

You’ll find competitive mortgage rates for any term length of your choosing. Transfer to save more!


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

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

Residential 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.

We have several flexible options for you to choose from. We can help answer any questions you have about the following choices and what works best for you:

  • 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.
  • A variable rate floats with prime to take advantage of rate decreases. 

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.


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 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 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.

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 June 30, 2022, 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 June 30, 2022 but may end at any time 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.

Offer is non-transferable and is not valid in conjunction with any other Offer. Limit of one Offer per Qualifying Account Holder, including for joint Account Holders. The recipient(s) of the Offer is solely responsible for any tax consequences associated with their receipt thereof.