CIBC Mortgage Calculator

CIBC typically allows you to make mortgage prepayments of up to 20% of your original mortgage amount annually for variable closed mortgages and 10% for fixed closed mortgages, depending on the terms of your contract. You can also increase payments up to 100% of the original payment amount. Open mortgages allow you to entirely pay off your mortgage or make lump-sum prepayments of any amount. CIBC also offers a 6-month fixed-rate closed convertible mortgage that allows you to convert to any closed-term mortgage at the time of renewal. When renewing, you can make a mortgage prepayment of any amount.

Lock in a mortgage rate and have certainty in your CIBC mortgage payments with a fixed-rate mortgage, which allows weekly, bi-weekly, monthly, and semi-monthly mortgage payments. Terms available are 1 year to 10 years, with a 6-month convertible mortgage also available. CIBC has a lower annual prepayment allowance of 10% for their fixed-rate closed mortgages without penalties.

Having a variable mortgage rate means that the interest rate changes based on changes in CIBC’s prime rate. However, CIBC’s Variable Flex mortgage does allow a higher annual prepayment of 20%. You can also convert your variable mortgage into a fixed-rate mortgage at any time for a term length of 3 years or longer.

CIBC’s Newcomers programs are limited to those who have been Canadian permanent residents or Canadian citizens for five years or less.

CIBC Newcomer to Canada Program Mortgage

This is for newcomers with a limited Canadian credit history but who meet income requirements to afford mortgage payments based on Canadian income.

CIBC Newcomer to Canada PLUS Program Mortgage

For newcomers with a limited or no Canadian credit history, it is specific to those who have recently returned from abroad.

CIBC Foreign Worker Program Mortgage

For foreign workers who have a work permit, including those without a Canadian credit history. This program may be impacted by federal laws restricting the purchase of homes by foreign buyers.

Canadians can purchase a second home in the United States using their Canadian credit history. CIBC offers 15-year and 30-year fixed-rate U.S. mortgages as well as adjustable-rate mortgages. Mortgage prepayments can be made at any time, as there are no prepayment penalties on CIBC’s U.S. mortgages. Origination fees can range from 1% to 3%. Cross-border U.S. Banking services also provide U.S. Dollar bank accounts that let you immediately transfer money between your Canadian and American accounts.