Mortgages for New Canadians

New to Canada? You can get the first home of your dreams with a Fresh Start Mortgage. Get a home loan even without credit history today!

  • Get your approval in one business day!

Mortgages for New Canadians

Happy couple dreaming about a first home

Discover the benefits!

  • Buy a home without credit history
  • Build your credit score for easier future loans
  • Get great rates
  • Enjoy generous paydown options

 

Get Your First Home in Canada

Getting a loan from the big banks without any credit history can be difficult and expensive. That’s why the Fresh Start Mortgage is perfect for new Canadians.

Get the help you need with a personalized low-interest rate mortgage offer. Plus, you could save thousands on your first home purchase.

No credit history? No problem!

If you’re new to Canada, you may not have any credit rating which is beyond your control. We look beyond that to assess your eligibility so you have a better chance of owning a home.

If you’ve been rejected from a bank for a mortgage, please contact us. We define “creditworthiness” differently than other mainstream lenders.

Additional Benefits

  • You’ll earn profit sharing cash by having your mortgage with us.
  • You can apply right over the phone and speak to someone who understands your situation.
  • You can ensure your family is covered during a challenging time with affordable protection plans.

Join the 65,000+ Canadians who bank with us


Angela Hulme

“Provided endless support and communication at all times, even on their days off. Thank you!” 

“Provided endless support and communication at all times, even on their days off. Thank you!” 

Dawson Mucha

“If you're a first-time home buyer you definitely want them in your corner! Amazing.” 

“If you're a first-time home buyer you definitely want them in your corner! Amazing.” 

Kirk Mandin

“I cannot recommend Jamie highly enough. She was super fast, very thorough, and always available.” 

“I cannot recommend Jamie highly enough. She was super fast, very thorough, and always available.” 



Eligibility for a Fresh Start Mortgage

Proof of Residence

You must be a Canadian resident.

Proof of Age

You must be 18 years of age or older to apply.


Questions


What should I know before speaking to you about a mortgage?

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.

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).

Do you offer mortgage insurance? How does it work?

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.

How do I pay off my mortgage 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.

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


More Reasons to Bank with Us

Save

Our No-Fee Bank Account has no monthly fees and no minimum balance requirements. Save ~$11/month in fees!

Earn

Earn cash dividends simply by doing your everyday banking with us. The more you bank with us, the more you benefit.

Give

Your business helps us support your community. We allocate 2% to 4% of pre-tax profits/year to our communities.


Need more help choosing your mortgage?

Try our mortgage selection tool!


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.