Innovation Federal Credit Union
Federally chartered credit union rooted in Saskatchewan that completed Canada's first interprovincial credit union merger by absorbing Alberta's ABCU in April 2026. Open to Canadian residents outside Quebec, with no-fee banking, fixed and variable mortgages, a HELOC and a Fresh Start program for credit rebuilding. It lends across Canada except Quebec.
Prepayment-penalty method
Standard penalty (about three months' interest)
Breaking early is penalized at roughly three months' interest, an open-style penalty that is generally on the lower, more predictable end.
See what breaking a mortgage early could costWho it tends to fit
- Self-employed and business-owner borrowers
- Refinances and equity take-outs
General signals only. Approval depends on the full application; a lender that fits on paper still has to say yes.
What you can do with it
- Buying a home
- Refinancing
- Renewal or switch
Features
- Home equity line of credit (HELOC)
Rate types
- Fixed rates
- Variable rates
Where it lends
Across Canada except Quebec
Good to know
- Membership required to borrow; open to Canadian residents 18 or older, excluding Quebec.
- Branches are in Saskatchewan and the Edmonton region; service elsewhere is digital.
- Mortgage default insurance required below 20% down.
How to reach Innovation Federal Credit Union
You deal with this lender directly, no broker required. This is educational information, not a rate quote; confirm current rates and terms directly.
Visit Innovation Federal Credit UnionEducational summary; rates, terms, and approval are set by the lender.
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Educational information about Canadian mortgages, not financial or mortgage advice. This tool is offered by Jordan Avery, Mortgage Agent (Level 2), Licence M23999999 · Maple Key Mortgages Inc., FSRA Brokerage Licence 13999 and operated by LenderSearch; figures are estimates. Confirm all rates, terms, and eligibility directly with the lender before acting.