Mortgage Transfer

• Available for personal use: principal residence, secondary residence, cabin, cottage, condo, non-revenue property
• Conventional and Canada Mortgage and Housing Corporation (CMHC) approved
• Interest compounded annually
  
• Term lengths 1 ,2, 3, 4, 5, 7 and 10 years 
• See current rates
• All payment frequencies available
• 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
• Property sold 
  • If the property is sold during the mortgage term, the penalty may be waived subject to you obtaining an Innovation mortgage of equal or greater value 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. 
• 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 Personal Closed 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

• Available for personal use: principal residence, secondary residence, cabin or cottage
• Conventional and CMHC approved
• Interest compounded annually
  
• Term length 5 years
• See current rates
• Blended repayment terms 
  • All payment frequencies available 
  • CMHC Blended 5-year term 
•  Non-blended repayment terms 
  • On demand, lump sum – due in 1 year or less
• Prepayment options 
  • Once per year, you may put a lump sum of 20% of the original principal amount of your mortgage loan toward your outstanding balance. You may also increase your regular mortgage payment by 20%. Prepayment Privileges may only be used when your mortgage loan is not in default.
  • You will be charged a penalty if you pay more of your mortgage loan than the Prepayment Privilege allows. If you want to pay out all or part of your mortgage loan before the end of the term, you will also pay a penalty. Your penalty will equal 90 days’ interest.
• No penalty charged if the property is sold
• Convertible and buy down options/consolidations:
  • Pay 75% of 90 days' interest
  • May select any Personal Closed Mortgage product
  • For consolidations, the above penalties shall apply or a blended rate as approved by our Retail Team
• Applicable application fees

• Available for personal use: principal residence, secondary residence, cabin, cottage, condo, nonrevenue property
• Conventional and CMHC approved
• Interest compounded annually
• Term length 1 year
• See current rates
• Blended repayment terms
  • All payment frequencies available
• Non-blended repayment terms
  • On demand, lump sum – due in 1 year or less 
  • Interest only option not available
• Unlimited prepayment
•  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 Personal Mortgage product
• Applicable application fees

• Available for personal use: principal residence, secondary residence, cabin, cottage, condo, nonrevenue property
• Conventional and CMHC approved
• Interest floating – semi-annual equivalent rate calculation
• Term length 5 year
•  See current rates
• Blended repayment terms
  • All payment frequencies available
• Non-blended repayment terms
  • On demand, lump sum – due in 1 year or less 
  • Interest only option not available
• Unlimited prepayment 
• 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 Personal Mortgage product
• Applicable application fees

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.