Finding an affordable mortgage rate can be an intimidating task. Using Bestmortgagerates4u.ca’s comparison chart can help you find the best rate possible.
Overview Of CIBC Mortgage Rates
The Canadian Imperial Bank of Commerce (CIBC) has standard fixed and variable mortgage rates with open and closed terms. It also has a variety of specialty mortgage products and services. Other specialty services include the Better than Posted Mortgage, Convertible Mortgage, AeroMortgage, Home Power Mortgage, Self-Employed Recognition Mortgage, New Resident and Non-Resident Home Ownership Services.
CIBC’s Better than Posted Mortgage is a fixed-rate mortgage that gives you guaranteed rate reductions on posted rates without negotiating closed mortgages for 3, 4, 5, 7 or 10 years.
The Convertible Mortgage is a closed mortgage over the short-term that consists of a fixed interest rate and the added flexibility of converting to a long-term closed mortgage at any point in time.
The Home Power Mortgage has additional borrowing involved that uses the equity in your existing home.
The AeroMortgage lets you turn your mortgage payments into rewards related to travel and lifestyle.
The Self-Employed Recognition Mortgage contains a very simple approval process for entrepreneurs or self-employed individuals.
Lastly, there is CIBC’s New Resident and Non-Resident Home Ownership Programs. These consist of simplified mortgage approval processes for people that are new to Canada or just for those who are seeking to make investments here.
CIBC allows customers to prepay up to 10 percent of the original principal mortgage amount annually on standard fixed-closed mortgage products. You can also raise the mortgage payments (principal and interest) up to 100 percent on the original payment amount anytime over the period of the term. In fact, CIBC is now delivering an extended amortization period of up to 35 years that can boost the cash flow even more.
If you decide to choose a 5-year fixed-term CIBC mortgage rate, you will have the option of receiving cashback from CIBC to establish a regular investment plan of your choice, including an RRSP, RESP, TFSA or Non-Registered Investment Plan. There is also a More-For-Your-Home mortgage bundle that you might qualify for if you are opening a new chequing account, or using an existing one that is valued up to $3,000. A $500 cash rebate is included in the bundle that goes towards your choice of a home inspection or energy audit by AmeriSpec. You will also have access to more savings on home products and services from AmeriSpec Canada, 500 Aeroplan Miles, and a CMHC housing and energy savings guide.
In addition to using Bestmortgagerates4u.ca’s mortgage rate comparison tools, utilizing CIBC’s Mortgage Resource Centre and comparison chart will be extremely helpful.
How To Access CIBC Mortgage Rates
On the CIBC website, CIBC mortgage rates are updated daily. You can easily access these rates by either completing an online mortgage application or simply by calling 1-800-669-5921 and talking with a CIBC mortgage representative. Connect with an official CIBC mortgage broker to get started.
CIBC Mortgage Pre-Approval
Fill out the online application that should only take a few minutes to receive pre-approval for a CIBC mortgage. Within 3 business days, a CIBC Mortgage Representative will contact you to answer your questions and convey the results of your application.
Application Checklist For A CIBC Mortgage
You will need a list of things to compile to get a head start on your CIBC mortgage application process. Here are some things you will need:
- Amount of mortgage
- Purpose of the mortgage (refinance, purchase, transfer)
- Price of purchase
- Down payment amount
- Type of property
- Dwelling style
- The builder
- Address of property
- Yearly condo fees if applicable
Compare Other CIBC Products
CIBC offers a wide range of services ranging from CIBC credit cards, rewards cards, and low-interest cards. It also offers CIBC GICs which are available in many different forms.
Details On The Canadian Imperial Bank Of Commerce
The Canadian Imperial Bank of Commerce is a leading global financial institution headquartered in Canada. CIBC provides a full range of financial services products and services to nearly 11 million individual customers, small businesses, and commercial and corporate institutions in Canada and around the world through its two main operating groups which are CIBC Retail Markets and Wholesale Banking. CIBC has a workforce of over 41,000 employees and 1,069 branches.
Want to see more CIBC Mortgage Rates? Click Here to go to our CIBC Bank Mortgage Rates Page.