Get your first home faster! See our mortgage application checklist (pdf) to be ready for your first meeting with us.
Interested in saving faster for a down payment?
Learn more about the First Home Savings Account. Because contributions aren’t taxed and withdrawals used to purchase a home aren’t either, you can save more money for your down payment!
Innovation cares about the person you're trying to be and the goals you have which is phenomenal.
My mortgage advisor met all my needs at Innovation Credit Union and it helps a young guy like me get into the industry and develop over the long term.
I might even buy a castle! Literally!
“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.”
“Went above and beyond to help me get my fast possession date! Incredibly personable and helpful.”
“Went above and beyond to help me get my fast possession date! Incredibly personable and helpful.”
“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!”
20% monthly payment increase
Let's say you have the following mortgage:
You can increase your monthly payments by 20%.
$1,128.17 x 20%= $225.63
This means your maximum monthly payment could be $1,353.80. ($1,128.17 + $225.63).
If you pay $1,353.80/month, your mortgage length changes from 25 years to 18.3 years!
20% original principal pay down
Let's keep the same mortgage details.
You can put up to $40,000 extra on your mortgage per year ($200,000 x 20% = $40,000) over the course of your mortgage without penalty. This would also change your mortgage length from 25 years to 17.17 years!
See our mortgage prepayment calculator to enter your own pay down scenarios.
If you'd like to take advantage of our 20/20 option, contact us today!
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.
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.
The team at Innovation is here to help make things a little easier for you. You can count on informed advice and information about unique benefits available to you as a first-time home buyer. Guidance throughout the process can help you make informed decisions and realize your goal of home ownership.
That includes everything from the first-time buyer mortgage calculator found above to conversations with your mortgage specialist that address your needs for first mortgage financing. We’re also happy to share information about programs designed to help you lower the upfront cost of your mortgage, making it easier to buy a home.
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.
Loans and mortgages can be approved in one business day if you have submitted all required paperwork OR, you will be able to book an appointment in one business day and be approved in two businesses days if you have submitted all required paperwork.
$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:
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:
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.
