Everyone thinks that mortgages are cookie cutter and they're absolutely not. When we look at a mortgage, it's based on what you're looking for, for term, amortization, fixed and variable rates...
We develop a strategy that works for you and your family so no, not all mortgages are the same.
If you lead a busy life, we get it. We're going to be able to work on a time schedule that works for you with a communication method that you feel comfortable with.
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. Sending us your current mortgage statement will also be helpful.
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.
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.
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.