Get your mortgage 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!
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.
Pay down your mortgage faster with our 20/20 pay-down option. You can choose one or both options:
Ask us how you can take advantage of the option without penalty.
If you’re:
it can be hard to successfully apply for a mortgage.
A non-traditional mortgage loan, like our Fresh Start Mortgage, can make buying your first home a much more realistic goal. This first-time home buyer loan takes your needs into account.
A traditional mortgage doesn’t always work for everyone. That’s why you can choose from a range of mortgage offers.
With a Fresh Start Mortgage, it’s easier to account for all types of income. That includes the earnings of self-employed business owners and entrepreneurs, who all too often run into issues with traditional lenders. You need your credit union to take a broader perspective when it comes to your earnings.
Our Fresh Start home loan can also serve as a newcomer mortgage. Some lenders hesitate to offer loans to new Canadian residents. But we’re willing to work with you and support your dream of owning a home. Our first-time home-buyer programs support a wide range of needs.
Check back regularly with us to see our cash-back mortgage offers for first-time buyers! When a deal is active, you can find opportunities to save real money when you start a home loan with us or transfer one to us.
Our Best Mortgage tool compares your situation with all our home loan options. Borrow money from the comfort of your smartphone or computer!
Have an existing mortgage, but feel like you could do better? Transfer your mortgage to Innovation to make a positive change.
You can lower your interest rate and choose whether you want an open or closed home loan. Select between a variable and fixed interest rate, too.
Building a new home? Get personalized advice and guidance from our team along with competitive rates and much more. Check out our New Build Mortgage.
Achieve your home ownership dreams. Apply online in minutes!
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.
