Apply for a New Build Mortgage

Enjoy professional advice, mortgage options to fit your needs, and competitive mortgage rates. Make building easier today!

  • Get your approval in one business day!

Apply for a New Build Mortgage

Discover the benefits!

  • Access mortgage specialists to help with your build
  • Choose from a variety of flexible mortgage options
  • Enjoy competitive mortgage rates to save you money
  • Get the money you need, when you need it
  • Earn cash dividends for banking with us
  • Be debt free faster

Join the 65,000+ Canadians who bank with us

Start building!

Get the help you need

Your mortgage specialist will guide you through the entire lending process. They can meet with you outside of normal banking hours and get you the speedy approval you need.

Choose the best fit for your build

  • 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.

Save money with competitive rates

Building a home is expensive. You don’t need high interest rates on top of your added expenses. Enjoy competitive mortgage rates throughout the construction process.

Enjoy a staged lending approach

Get money advances as you need the cash. New build mortgages give you money in stages to match your building needs. It’s easier to track costs and remain on budget. Your build will be better organized.

Earn cash dividends

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

Be debt free 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.

Let's see some 20/20 pay down examples!

20% monthly payment increase

Let's say you have the following mortgage:

  • Mortgage: $200,000
  • Rate: 4.69%
  • 25 year amortization
  • Monthly payment= $1,128.17

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!

More information

  • Includes all benefits of the Closed Fixed Mortgage
  • Available for personal use: principal residence, cabin or cottage
  • Conventional and CMHC approved
  • Term lengths 6 month, 1, 2, 3, 4, 5, 7 and 10 years 
  • See current rates
  • Repayment terms 
    • During the first 9 months construction – monthly interest only
    • All payment frequencies available 
    • Closed options only 
  • Prepayment options
    • You can prepay up to 20% of the original amount of the mortgage during each 12-month period from the anniversary date. This privilege is not cumulative from year to year and does not apply if you wish to prepay the mortgage in full, renegotiate the rate, or prepay more than 20%. 
  • If you wish to prepay in full, renegotiate, or prepay more than 20%, you'll pay the greater of:
    • 90 days’ interest or the interest difference of the current posted rate of a similar mortgage type with an equal term. 
      • Innovation will allow 20% prepayment without penalty at the time of payout providing funds are not coming from another financial institution and the prepayment privilege has not been utilized since the anniversary date. (Mortgage schedules allow for the collection of the additional 20% penalty. The privilege is subject to change.) 
  • Payment increase 
    • During each term, you may increase the regular payment by a cumulative maximum increase of 20% 
    • If the regular payment has increased, you may decrease the payment to an amount not less than original payment set at the beginning of the term 
  • If the property is sold during the repayment term, the penalty may be waived subject to you obtaining a new Innovation mortgage and selecting a minimum 1-year term 
    • If the new mortgage is approved within 6 months from the date of payout of the previous mortgage, the penalty can be refunded upon disbursal of the new mortgage proceeds. Refund of the penalty will not occur prior to disbursal of the new mortgage 
  • Convertible and buy down options/consolidations
    • Pay the greater of 75% of: 
      • 90 days’ interest or 
      • the interest difference of the current posted rate of a similar mortgage type with an equal term. 
    • May select any Closed Personal Mortgage Product 
    • For consolidations, the above penalties shall apply or a blended rate as approved by our Retail Team.
  • Early renewal
    • 6-month option to early renew
    • Current expiry must be within 6 months or less 
  • Applicable application fees

  • Includes all benefits of the Closed Variable Mortgage
  • Available for personal use: principal residence, cabin or cottage
  • Conventional and CMHC approved
  • Term lengths 5 year 
  •  See current rates
  • Blended repayment terms
    •  During the first 9 months’ construction – monthly interest only
    • All payment frequencies available
  • Non-blended repayment terms
    • On demand, lump sum – due in 1 year or less
    • Interest only option available only for a construction mortgage
  • Prepayment options
    • Prepay the whole or any part of the principal amount outstanding without penalty, unless payment is received directly or indirectly from another lender or financial institution. If that is the case, you shall pay a 90-day interest penalty.
  • No penalty charged if the property is sold
  • Convertible and buy down options/consolidations 
    • Upon payment of a $100 conversion fee you may select any  Closed Fixed Personal Mortgage product  
  • Applicable application fees

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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.



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


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


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

Make your new build stress-free

You deserve a beautiful new home without the added hassle of a complicated mortgage process. Contact us for your new build mortgage today! And remember to reference our mortgage application checklist to make the process even faster.

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.

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.