Get up to $3,000*

Mortgage Cashback Offer

Get up to $3,000* on your first mortgage! Enjoy helpful advice and great rates!

Save thousands

 You can save approximately $6,000 in five years with CMHC’s Shared Equity Mortgage (SEM) Incentive. Make your mortgage more affordable!

Get the help you need

Discover friendly mortgage advice throughout the application process. Give us a call at 1.866.446.7001 to speak to a Mortgage Specialist. 

Earn cash dividends

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


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.


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.

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.

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 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:

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.