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!
“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!
Call us at 1.866.446.7001 to see your own pay down scenarios. Or, 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.
Buying your first home can change your life. From having your own property to building equity over time, it’s an incredibly important decision that can have long-lasting benefits.
If it’s your first time buying a home, you may feel excited and eager — that’s great! And if you feel a little anxious or uncertain, that’s just fine, too. Securing a first mortgage in Canada and buying a home is an involved and complex process.
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.
Buying your first home can be easy and affordable. Contact us to get started today! And remember to reference our mortgage application checklist to get your new home 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.
