The rates shown are for insured mortgages with a down payment of less than 20%. You may get a different rate if you have a low credit score or a conventional mortgage.
CIBC Fixed Rate Mortgages reduce the risk of future interest rate fluctuations by “locking in” a specific interest rate for the term. This can create peace of mind for homeowners, which makes it a fundamentally appealing program for home buyers. If you are arranging a new mortgage for a future or current home, your fixed interest rate can be guaranteed up to 120 days before the closing date of your home. If interest rates go up during that time, you will be guaranteed the lower rate.
CIBC Variable Rate Mortgages provide you with fixed payments over the term; however, the interest rate will fluctuate with any changes in the prime interest rate. If their prime rate goes down, more of your payment will go towards paying off your principal; if their prime rate goes up, more of your payment will go towards interest costs. As a result, this can be a great financial tool for those expecting rates to fall in the upcoming year. A convertible mortgage allows you to convert to another term at any time. This feature provides security and flexibility, as it enables you to convert to a longer closed term should your variable rate mortgage no longer meet your needs.
CIBC’s Newcomers programs are limited to those who have been Canadian permanent residents or Canadian citizens for five years or less.
For newcomers with a limited Canadian credit history, but meets income requirements to afford mortgage payments based on Canadian income.
For newcomers with a limited or no Canadian credit history, and is specific to those who have recently returned from abroad.
For foreign workers who have a work permit, including those with a limited Canadian credit history.
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. Fees can range from 1% to 3%. Cross-Border U.S. Banking services also provide U.S. Dollar bank accounts that let you easily transfer money between your Canadian and American accounts immediately.
CIBC allows you to make mortgage prepayments of up to 20% of your original mortgage amount annually for 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.