Types of CIBC mortgages
CIBS offers a significant number of mortgage options to choose from, which could fit any financial needs and goals.
- Variable-rate mortgages with a low variable rate of 4.70% for a 3 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.
- Fixed-rate mortgages 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. 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.
- Home Power Plan combines mortgage and home equity line 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. You may go to the website and fill out the pre-qualification, pre-approval, and application form 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.
Requirements
To qualify for the 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 5 years.
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
How to make a payment?
During the application process, you provide the financial information and details for the installment paying method. 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, from the menu select "Customer Services", under Account Services, Mortgages and Loans, select "Make a mortgage prepayment" or call at 1-888-264-6843.
