CIBC Mortgage June 2024

Apply for Mortgage from CIBC verified by our specialists. On 15.06.2024 you have access to 7 home loans with a low rate. Increase your chances of getting money — fill out a multi-application with a free credit rating check.
Offers: 7
Updated
01.02.2023
12:03
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

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Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

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Term
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Loan term for the financial product

3 — 10 years
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

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Rate
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Effective interest rate on the product

4,75%
Term
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Loan term for the financial product

6 month
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

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Rate
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Effective interest rate on the product

5.04% to 7.49%
Term
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Loan term for the financial product

1 — 10 years
Canadian Imperial Bank Of Commerce (CIBC)
Variable-Rate Open Mortgage
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

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Rate
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Effective interest rate on the product

8%
Term
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Loan term for the financial product

5 years
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
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Rate
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Effective interest rate on the product

4,70%
Term
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Loan term for the financial product

5 years
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
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Reviews
Royal Bank of Canada
4.6
The polite and competent staff at Royal Bank of Canada are always ready to help and answer my loan-related questions.
Review
Royal Bank of Canada
5
RBC provided me with loan terms that truly fit my financial capabilities, without overburdening me with payments.
Review
Royal Bank of Canada
4.4
Thanks to the loan from RBC, I was able to solve financial problems and realize my long-awaited plans for home renovations.
Review
Royal Bank of Canada
4.6
I appreciate the flexibility and individual approach of RBC in providing loan terms, taking into account my needs and capabilities.
Review
Royal Bank of Canada
4.6
RBC provided me with a loan with competitive terms, allowing me to save on interest rates.
Review
Royal Bank of Canada
4.2
Thanks to the loan from RBC, I was able to fulfill my dream of buying a car without experiencing financial difficulties.
Review

CIBC offers a wide range of customizable mortgage products to satisfy the various needs of its clients: buying a first home, buying the following property, renewing, or switching a mortgage to CIBC.

Tapping into your equity and using it to cover your necessity is also possible with CIBC. For example, borrow up to 80% of the value of your home to consolidate debt, pay for a home renovation project, or the education of your family member.

With CIBC, you can get personalized advice from a mortgage expert, which will help you move fast and smoothly on the way to owning real estate.

Pros and Cons

Pros

  • Competitive rates

  • Prepayment options

  • Apply and manage online

  • Various types and offers to fit your situation

  • Mortgage protection insurance offers

  • Options for newcomers

Cons

  • Credit check required

  • Hard to qualify

Types of CIBC mortgages

  1. Variable Flex Mortgage with a low variable rate of 4.70% for a three or 5-year payment period. Prepay up to 20% of your original mortgage amount annually, penalty-free.
    Variable-Rate Open Mortgage with a 5-year term and rate of 8%. It offers you an option to repay a set payment amount and make unlimited additional payments or repay up to 100% of your home loan anytime for free.

  2. Fixed-Rate Closed Mortgage offers rates from 5.04% to 7.49% depending on the mortgage period: 1 — 10 years. Prepay up to 10% of the original mortgage amount annually and repay up to 100% of your regular payment amount.
    Convertible mortgage offers you to change options. For example, you may choose a 6-month term closed mortgage with a fixed rate of 4.75% to save cash at the current favorable rate. Then convert your home loan to a long-term closed loan at any time, minimizing the risk of a variable rate, make additional repayments, and prepay up to 10% of your original amount.
    Wealth Builder Mortgage lets you buy a home and build up your savings without putting your plans and ideas on pause because of the mortgage. The term for this fixed-rate closed mortgage option is 3 — 10 years.

  3. Home Power Plan combines mortgage and home equity lines of credit. It lets you borrow a maximum amount of 80% of the value of your property and get ongoing accession to funds at a low rate.

Every home loan becomes open at the end of the mortgage term. You can repay as much as you want before you make a renewal.

How to apply for a CIBC mortgage

You could apply through the call center, online and mobile app, or mortgage advisors. In addition, you may go to the website and fill out the pre-qualification, pre-approval, and application forms online.

Prepare the documents: personal and contact information, SIN, employment & income verification, basic financial information like assets and liabilities list, confirmation of down payment, and property details.

A mortgage advisor will contact you within three days, discuss the next steps and book a meeting. For more information or to apply by phone, call 1-866-525-8622 or find a branch.

With CIBC, you can receive a pre-approval certificate that establishes the mortgage amount you may qualify for and guarantees the interest rate for up to 120 days from the date of the emission. Book an appointment with the bank's representative to obtain such a certificate.

Requirements

To qualify for a CIBC mortgage, you should:

  • Be a Canadian citizen of the age of majority in your state

  • Have a valid SIN

  • Provide documents that confirm your income and employment

  • Have a certain amount of equity in your property

  • Have enough income to make your regular mortgage payments

  • Put a minimum 5% down payment

  • Choose a property that is located in a built-up area with municipal services like water, sewer, and hydro

  • Get a house that is structurally sound with good plumbing, central heating, and wiring that meets municipal standards

Note: The minimum amount to borrow is $10,000.

To be eligible for a mortgage for newcomers, you should provide proof of permanent residence status, which you have obtained within the last five years.

How to make a mortgage payment

You provide the financial information and details for the installment payment method during the application process.

Manage your mortgage through the online profile and mobile application. Use your CIBC debit or credit card to register for online or mobile banking: sign on, and from the menu, select "Customer Services." Under Account Services, Mortgages and Loans, select "Make a mortgage prepayment."

Or call 1-888-264-6843.

CIBC mortgage insurance

Optional Creditor Insurance for CIBC Mortgages offers your financial protection in four cases:

  • Death (up to $750,000)

  • Disability (up to $3,000 per month for up to 24 months)

  • Job loss (up to $3,000 per month for up to 6 months)

  • Critical illness (up to $500,000)

If your situation cannot be classified as one of those mentioned above, the Canada Life Assurance Company will review your application.

FAQ

What is the variable interest rate?

It is a rate that fluctuates over the lifetime of a loan because it is based on a prime rate. Therefore, according to the market situation, you may save on interest or cost more.

How do I defer a CIBC mortgage payment?

Due to an extremely high volume of calls, we ask those experiencing financial hardship to complete our financial assistance form. Once you've completed it, we'll contact you directly. If your situation requires immediate attention, such as having a payment due in the next 48 hours, contact your CIBC advisor.

What is the minimum down payment?

It varies from 5% to 20% of your home's appraised value. With a down payment under 20%, you must buy CMHC insurance (mortgage default insurance). In Canada, the down payment may not be less than 5%.

How do I qualify for a CIBC mortgage?

To qualify for most CIBC mortgages, you and your home must meet several criteria.

 You will be asked to provide the following documents:

  • Income and employment proof

  • Some equity in your property

  • Enough income to make monthly payments

  • A minimum 5% down payment

Your house has to meet the following requirements:

  • The area it is located in has to be with equipped municipal services like water, sewer, and hydro

  • The property must be structurally sound (good plumbing, central heating, and wiring fulfill municipal standards)

You might need to add a guarantor to your application if you can't meet all the lending criteria on your own.

How do I access my CIBC mortgage account online?

You can access your CIBC mortgage details online through CIBC Online Banking or CIBC Mobile Banking if you are enrolled in them.

Tap or click the "Sign On" button using your credentials (card number and password) and select your mortgage account from your list of accounts.