Simplii Financial is a division and trademark of the Canadian Imperial Bank of Commerce. Therefore, banking products and services branded Simplii Financial are offered by CIBC. Mortgages are no exception — they are provided by CIBC under the Simplii Financial brand.
With Simplii, mortgage hunters can count on competitive mortgage rates and such attractive features like more extended rate guarantee periods, flexible prepayment options, variable and fixed rates, and much more.
As soon as you make up your mind to apply for a mortgage with Simplii, one of the bank's Mortgage Specialists will take on your case and approach you to discuss your application.
Types of Simplii mortgages
Simplii offers fixed or variable mortgages and a secured line of credit. If you have a home loan with Simplii, you could apply for a line of credit with lower VIP rates. The minimum principal amount for a Simplii Financial mortgage is $35,000.
Fixed-rate mortgages are available for 2, 3, 4, 5, 7, and 10-year terms with interest rates from 5.49% to 6.25%.
A variable-rate mortgage is a 5-year mortgage with an interest rate of 4.70%.
You may find special rates starting from 4.35% for variable rate mortgages, which apply only to new mortgages of owner-occupied properties with an amortization of 25 years or less.
You could transfer your mortgage to Simplii with no appraisal and set-up fees and no worries about paperwork — Simplii Financial will take it over, and the rate may be locked for 45 days.
With a special offer, you may get up to $3,000 cash back to your new or moved mortgage.
Medical Professional Program is designed to assist recent medical and dental graduates in purchasing a home.
Resort Lending Program is made for Canadians who want to finance a residential resort community property.
Rural Lifestyle Program for clients who want to buy a large rural property.
New Canadian Program is intended to help clients who have lived in Canada for less than five years and generate Canadian income. In addition, it allows you to validate your credit history with alternative methods.
The work Permit Program is made to help foreign workers purchase residential property in Canada.
Simplii Financial mortgage rates
Simplii offers both fixed and variable-rate mortgages at competitive rates and flexible repayment options.
Find the rates below:
2-year fixed 5.74%
3-year fixed 5.74%
4-year fixed 5.69%
5-year fixed 5.59%
5-year variable 6.40%
Simplii Financial mortgage insurance
You can enroll in optional Mortgage Life Insurance coverage when purchasing our home with Simplii. If you do so, you ensure that your family can stay in your house if something unexpected happens. The Canada Life Assurance Company (Canada Life) underwrites the Creditor Insurance for Simplii Financial Mortgages. If you pass away, this type of insurance can help pay off or reduce the outstanding principal balance of your mortgage. You can count on up to $750,000 for all your Simplii Financial mortgage accounts.
How to apply for a Simplii mortgage
To apply for pre-approval, you may call 1-888-236-6362. Or apply for a mortgage and a pre-approval online. You will need to provide your personal and employment information and details about your assets and debts.
To apply for special programs, contact one of the mortgage specialists by phone or choose «Request a call» under the eligible option.
Requirements
To qualify for a 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
Find an eligible property
Have enough income to make your regular mortgage payments
Put a minimum 5% down payment
For the Medical professional program, you should provide the following:
Proof that you graduated from medical or dental school in the last three years
A copy of your license to practice medicine or dentistry
Minimum deposit of 20% of the purchase price
You should provide Canadian income, employment verification, a 20% deposit, and closing costs for all other programs.
You purchase a property in a residential resort community for the Resort Lending Program.
For the Rural Lifestyle Program, you expect to buy a home on plot sizes between 1 and 200 acres.
For the New to Canada program, you should:
have lived in Canada for less than five years
be a client of the Simplii Newcomer or International Student Banking Offer program
have one of the following: a permanent resident card, a confirmation of permanent resident letter, or a verification of status document.
You should have a Canadian Work VISA and Temporary Residence Visa for the Work Permit program.
Pros and cons
Pros
Special programs for newcomers and postgraduate medical students, rural and resort property
Favorable conditions for mortgage transfers
Mortgage calculators and resources
Flexible payment terms
Cons
Not available in Quebec
A prepayment penalty may be applied
How to make a Simplii mortgage payment
You could make payments of up to 20% of your original mortgage amount annually with no prepayment charges. You should apply to fixed-rate mortgages with at least a 2-year term or on variable-rate mortgages.
You may adjust your payment schedule from monthly to accelerated weekly or accelerated bi-weekly to make payments more frequently and increase the amount of payments to save on interest and become mortgage-free sooner.
If you prepay more than the annual prepayment privilege, you will be charged a prepayment penalty.