CIBC Mortgage Rates Review

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The Canadian Imperial Bank of Commerce (CIBC) provides regular fixed and variable rate mortgages as well as open and closed terms. CIBC also offers various specialty products consisting of a Convertible Mortgage, Better than Posted Mortgage, New Resident and Non-Resident Home Ownership Programs, the Self-Employed Recognition Mortgage, Home Power Mortgage and the AeroMortgage.

The Better than Posted Mortgage

This is a fixed rate mortgage that ensures a guaranteed reduction on posted rates, without the need to negotiate on the 3, 4, 5, 7 or 10- year closed mortgages.

The Convertible Mortgage

The Convertible Mortgage is a short-term closed mortgage. It has a fixed interest rate, and you can decide to change to a long-term closed mortgage whenever you want to.

The AeroMortgage

The AeroMortgage gives you the privilege to transform your mortgage payment into travel or lifestyle rewards.

The Home Power Mortgage

This mortgage allows you to borrow additional money utilizing the equity in your present home.

The Self-Employed Recognition

approving mortgage

This mortgage includes a simplified procedure for approving mortgages for entrepreneurs and the self-employed.

The New Resident and Non-Resident Home Ownership Programs

This is a program offered by CIBC that creates a simplified process for approving mortgage applications from individuals looking for investment opportunities in Canada or newcomers to the country. Clients are allowed to prepay at least 10% of the actual principal mortgage value on the fixed closed mortgage products. You can increase your payments subsequently for both the interest and principal amounts, right up to 100% whenever you want during the term. The bank now offers amortization that could extend to a period of 35 years and significantly boost your cash flow.

Once you choose a CIBC mortgage rate of a 5-year fixed close term, you will have the choice to get money back from CIBC to be forwarded into a Regular Investment Plan of your choice, including an RESP, RRSP, TFSA or Non-Registered Investment plan. Also, CIBC offers a More-for-your-home Mortgage Bundle for individuals who qualify when they open a new house mortgage or utilize a current personal CIBC chequing record, up to $3,000. The pack includes up to a $500 cash refund on your choice of Energy Audit or Home Inspection by AmeriSpec, in addition to access to significant savings on national home-related products and services from AmeriSpec Canada, including 500 Aeroplan Miles, Energy Savings Guide and a CMHC Housing Guide.

CIBC Contract Pre-approval

Getting a pre-approval for a CIBC mortgage will require you to fill an online application, then wait up to three business day for a representative to answer all your inquiries and give you the outcome of your application.

You will be required to provide the following information:

  • Your annual income
  • Details on current assets and liabilities
  • Your current employment details
  • Your financial history

Several other CIBC products include low-interest CIBC credit cards, reward cards, CIBC GICs, and more. Terms and conditions apply.

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