For nearly 150 years, Canadians have looked to the Canadian International Bank of Commerce (CIBC) to help them secure a mortgage on their residence. We are the best place online to access information on CIBC mortgage rates and apply for a loan from CIBC. We have collected everything you need to know about CIBC mortgages in one place, and you can apply for a loan directly and conveniently when you select your preferred mortgage rate below. Read on to learn more about CIBC mortgages, and click on the rate of your choice to get started on your loan.
CIBC Mortgage Options
If you are looking for a mortgage, home equity line of credit, or another similar financial product, CIBC has a solution for you. Here is an overview of the main mortgage options and their advantages:
FIXED-RATE MORTGAGES FROM CIBC
Do you want mortgage payments that never change during your loan? If the answer is yes, several fixed mortgage rates are available at the lowest CIBC mortgage rates:
• CIBC Fixed-Rate Closed Mortgage — This traditional fixed mortgage rate is available in loan terms of up to 10 years. You will not be able to pay off this mortgage early without an additional fee, so it is a good option if you do not intend to pay extra payments toward your mortgage each month.
• CIBC Better Than Posted Mortgage® — The Better Than Posted Mortgage® allows you to make extra payments of up to 10 percent of the original loan amount each year without incurring a penalty. You can also increase your payment amount during your term to help you pay off your home faster. This is a great choice if you want a low fixed-mortgage rate and the benefits of an open mortgage without having to pay extra for the right to pay off your loan early. Terms of 3, 4, 5, 7, or 10 years are available.
• CIBC Fixed-Rate Open Mortgage — With a CIBC Fixed-Rate Open Mortgage, you can get a low fixed interest rate and flexibility to pay off your loan early without a pre-payment penalty. Since this mortgage is only available in 6 month and 1-year terms, the bank recommends this loan for those who want a loan they will not be stuck with forever if interest rates go down.
• CIBC Convertible Mortgage — Featuring a term of only 6 months, the CIBC Convertible Mortgage is perfect for those who want to get a low interest rate in the short term and yet have enough flexibility to switch to a new loan later on. This is a closed mortgage that can be converted to another loan at the end of the term.
VARIABLE-RATE MORTGAGES FROM CIBC
Variable mortgage rates from CIBC are based on the prime interest rate, and as the prime rate changes, so does your mortgage rate and payment. These loans have some of the best CIBC mortgage rates, but there is always the risk that the variable rate might eventually go higher than the average fixed rate. Here are your main variable mortgage options:
• CIBC Variable Flex Mortgage® — This 5-year closed mortgage option gives you a low interest rate and allows you to repay up to 20 percent of the original loan balance each year without a penalty. As this mortgage can be switched to a fixed-rate mortgage at any time, it is a good option for those who want the lowest interest rates and flexibility to switch to a fixed rate if variable rates skyrocket.
• CIBC Variable-Rate Open Mortgage — If you take out this 5-year open mortgage, you can repay your loan in full at any time without an additional penalty. You should consider this option if you expect to pay off your loan early and want the lowest possible interest rate.
THE WEALTH BUILDER OPTION
CIBC offers a unique add-on to the above mortgages known as the Wealth Builder Option. It provides cash back when you take out the loan and regular quarterly payments to you throughout the life of the loan. This money can be invested in a long-term savings or retirement plan, guaranteeing that you will save for the future while you pay off your home.
CIBC HOME POWER® LINE OF CREDIT
If you have at least 20 percent equity in your home, you can use it to secure a line of credit with CIBC at an interest rate that is much lower than what you can find elsewhere.
Why Choose CIBC?
There are several reasons why you should choose CIBC for your mortgage besides its low current CIBC mortgage rates. However, the main advantage of CIBC is its financial strength. Bloomberg Markets magazine named CIBC the strongest bank in North America in 2012. This vote of confidence, plus CIBC’s status as the fifth-largest bank in Canada in terms of deposits, guarantees that the institution is able to help nearly any consumer secure the loan needed to buy the house of his or her dreams.
Qualifying for a CIBC Mortgage
CIBC Canada mortgage rates will not do you much good unless you qualify for a loan from the bank. Here is a brief outline of the mortgage approval process at CIBC to help you prepare for your loan application:
1. Make sure that the home for which you need the mortgage is in good condition and has access to municipal services (for example, water and sewer).
2. Collect documents to prove your employment and income level.
3. Save 5 percent for a down payment on the mortgage.
4. Contact a CIBC Mobile Mortgage Advisor if you have any questions.
5. Choose the interest rate on this page that interests you, and click on it to apply for a loan directly from CIBC.*
*A minimum mortgage amount of $10,000 is required.
Some Interesting Facts About CIBC
CIBC has a long history with several interesting twists and turns. Here are some of the most important points in the company’s history:
• CIBC was formed from the merger of the Canadian Bank of Commerce (est. 1867) and the Imperial Bank of Canada (est. 1875). The merger occurred in 1961.
• CIBC’s Head Office complex includes what was once the tallest building in Canada.
• CIBC was the first bank in Canada to introduce what would later be known as the ATM.
• CIBC was the first Canadian bank to offer telephone banking throughout the country.
Get Started with CIBC Today
There is no good reason why you should not get started with CIBC today. Click on your preferred rate from the list of available CIBC mortgage rates on this page to begin your loan application.
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