Join the 59,000+ members who bank with us!
New to Canada? Settling in can be tough. We know that you’ll be faced with challenges and different ways of doing things.
As an ambitious new Canadian we know the first thing you dream of is buying your first home. But getting a loan from the big banks without a credit history can be difficult and expensive.
Don’t you wish you had great financial advice to help you with the loan even without a credit history and to save thousands on your first home purchase?
Thankfully, you can put your financial needs in order as you settle down with Innovation Credit Union’s Fresh Start Mortgage. Our dedicated advisors will help you with a personalized, low-interest rate mortgage offer.
Innovation looks at more than your credit score when assessing your eligibility for a mortgage. In fact, you can build your credit as you pay the loan. The Fresh Start Program is built specifically to help you with a simplified banking experience.
Take the first step into your new home. Apply for a Fresh Start Mortgage today!
“I make home ownership goals a reality.
My favourite thing about working at Innovation is that we celebrate each other’s successes.”
Fun fact: “Before moving to Saskatchewan, I worked for the Mouse at Walt Disney World in Orlando, FL. Doing what you ask? You’ll have to ask when we meet!”
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).
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:
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.