Why get a mortgage with Innovation?
Choose Your Perfect Mortgage
Get Your First Mortgage
- Discover competitive interest rates.
- Earn profit-sharing cash.
- Enjoy an easy process with helpful advisors.
Explore a Home Equity Line of Credit (HELOC)
- Access cash when you need it.
- Pay off high interest debt.
- Earn tax deductions for home renovations.
Get Your Next Home
- Discover fast approvals.
- Enjoy flexible options and fantastic rates.
- Earn profit-sharing cash.
Try a Fresh Start Mortgage
- Enjoy lower credit score requirements.
- Qualify even if you're self-employed or new to Canada.
- Discover helpful advisors who make borrowing simple.
Get a New Build Mortgage
- Enjoy fantastic rates that save you money.
- Get the funds you need exactly when you need them.
- Earn profit-sharing cash.
Transfer to Us
Discover fast approvals, flexible options, great rates, and cash dividends for banking with us.
Renew Your Innovation Mortgage
Continue enjoying great rates, profit sharing cash dividends, friendly advice, and flexible pay-down options.
Explore Our Rates
To qualify for the 5-year insured closed fixed special mortgage rate, mortgages must be insured by a guarantee company such as Canada Mortgage and Housing Corporation, Sagen™ (formerly known as Genworth Canada). Special pricing is only available on residential mortgages with payment frequencies of weekly, bi-weekly, semi-monthly and monthly. Mortgages greater than $1 million, refinances, or for rural locations such as acreages are not eligible for special residential mortgage rates.
Special Rate Mortgage
Residential Mortgages with the following characteristics are not eligible for the special residential mortgage rates:
- The mortgage has a purchase price or as-improved property value greater than or equal to $1 million or
- The mortgage is a refinance of a current Innovation mortgage, or
- The mortgage is for an acreage or home quarter and qualifies for residential mortgage pricing, or
- The mortgage’s amortization is greater than 25 years.
- The mortgage is for a single unit rental property.
Looking for a mortgage pre-approval?
Submit your contact information and you'll hear from one of our mortgage specialists soon!
Join the 65,000+ Canadians who bank with us!
“Communication was awesome. If you’re looking at obtaining a mortgage, we would highly recommend.”
“Communication was awesome. If you’re looking at obtaining a mortgage, we would highly recommend.”
“Helped me get the best rate and went above and beyond doing so. So glad I chose Innovation.”
“Helped me get the best rate and went above and beyond doing so. So glad I chose Innovation.”
“They are personable, genuine, ethical & experienced professionals who care about their clients.”
“They are personable, genuine, ethical & experienced professionals who care about their clients.”
Compare your mortgage options:
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Frequently Asked 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 (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).
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 decide which is the right mortgage for me?
If you need help choosing a mortgage, try our mortgage selection 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.
Need more help choosing your mortgage?
Try our mortgage selection tool!
Learn more about your mortgage options on the Financial Consumer Agency of Canada's (FCAC) website.
$4,000 Mortgage Cashback Terms & Conditions
This offer applies to first time home buyers, next time home buyers and/or anyone who transfers their mortgage loan to Innovation Federal Credit Union (“Innovation”) from another financial institution (the “Applicants”). Mortgage loans must have a principal amount of $100,000 or more, and must be one of the following Innovation Federal Credit Union (“Innovation”) Fixed-Rate Closed mortgages:
- 2-year Closed Fixed (Special) mortgage interest rate with a term of 2 years and amortization of 25 years or less
- 3-year Closed Fixed (Special) mortgage interest rate with a term of 3 years and amortization of 25 years or less
- 4-year Closed Fixed (Special) mortgage interest rate with a term of 4 years and amortization of 25 years or less
- 5-year Closed Fixed (Special) mortgage interest rate with a term of 5 years and amortization of 25 years or less
The offer applies to new consumer residential mortgage loans only. Mortgages for an acreage or home quarter which qualifies for residential mortgage pricing are not eligible for Mortgage Cash Back. The mortgage must have a purchase price or as-improved property value less than or equal to $1,500,000. Mortgage renewals, re-advances or refinances are not eligible for the Mortgage Cash Back offer. 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, 2025, 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
- $2,000 cash back on a mortgage loan of $300,000, – $499,999
- $2,500 cash back on a mortgage loan of $500,000 – $749,000
- $3,000 cash back on a mortgage loan of $750,000 - $999,999
- $4,000 cash back on a mortgage loan of $1,000,000 - $1,500,000
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, 2025, but may end at any time without notice.
Offer is non-transferable and is not valid in conjunction with any other Offer unless otherwise stated. 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.