CIBC Bank Mortgage Rates

Whether you're buying your first home, another property or purchasing a home for retirement and need guidance, Comparemyrates.ca has all the conveniences you require to make an informed and well researched decision. If your preference is to obtain a CIBC mortgage, we connect you with mortgage brokers who will work on your behalf and assist you in deciding the best option. Or let us do the work for you, by answering a few simple questions and requesting a quote we will find you a mortgage broker who will best suit your requirements.

Compare CIBC Mortgage Rates

Over the course of a mortgage, even an apparently trivial difference between two products can translate into a huge saving - or an equally huge loss. We all know the value of shopping around to find the best available rates; however, this is sometimes easier said than done. Fortunately, Canadian home-buyers can stay one step ahead of the game with RateSheet. From the day's best rates to personalised mortgage quotes, RateSheet has everything you need to find an outstanding mortgage product. Visit comparemyrates.ca to compare CIBC Bank rates with other major lenders or try out the online mortgage calculator.

CIBC Mortgage Rates and Options 

The Canadian Imperial Bank of Commerce (CIBC) understands that applying for a mortgage doesn’t have to be so difficult. CIBC offers a range of attractive mortgage rates and options. These include the standard fixed-rate mortgages with open and closed terms, as well as a convertible mortgage; variable-rate mortgages that are available in open and flexible terms; and a range of specialty mortgage products and other offerings.

Check out the following mortgage rates and various available choices to breeze through your mortgage application with CIBC.

Fixed-rate CIBC Mortgages 

One of the most popular mortgage options, a fixed-rate mortgage offers a fixed interest rate. This means that the interest rate would not change over the whole term of the mortgage. The best thing about this option is that you would be able to predict how much interest you’re going to pay every month. With CIBC, you can freely choose among three fixed-rate mortgage options, which are the following:

• Fixed-rate Closed Mortgage. Allows you to know the exact amount that you’ll have to pay regardless if the interest rates change. Offered at a minimum mortgage amount of $10,000, this option also allows you to prepay your original mortgage amount annually (up 10%) and increase your payment at any time (up to 100%).

• Fixed-rate Open Mortgage. Allows you to pay a fixed interest rate and enjoy some flexible payment options that practically enable you to pay your mortgage obligations as much as you want at any time.

• Convertible Mortgage. Designed somewhere in the middle of the closed and open mortgage payment options, this allows you to pay a fixed rate for the whole duration of the term but with enough wiggle room to convert to a long-term closed mortgage any time you want.

Variable-rate CIBC Mortgages 

In a variable-rate mortgage, the regular payment remains fixed but the interest rate changes depending on the fluctuations that happen in the market. CIBC offers two options: 

• Variable Flex Mortgage. Offers a low variable interest rate and allows you to prepay up to 20% without a prepayment charge.

• Variable-rate Open Mortgage. Provides a set of monthly mortgage payments, but the payment rate changes depending on the existing conditions in the market.

Specialty Mortgage Offerings by CIBC

CIBC has a range of specialty mortgage bundles, which include the following: 

• Wealth Builder Mortgage. Offered at 3, 4, 5, 7, and 10-year fixed-rate closed mortgage, this option provides upfront payout throughout the term of your mortgage, which translates to significant savings. Choose this offering to continue growing your savings while paying your mortgage.

• CIBC Home Power Mortgage. Offered at competitive interest rates, this option allows you to use your home equity to take on additional loans amounting up to 80% of your property’s value.

• Self-employed Recognition Mortgage. Not requiring a proof of income or detailed financial statements, this is the right mortgage plan for your if you are self-employed. To qualify, all you need is a 35% equity and a right credit score to be approved.

• New Resident and Non-Resident Mortgage. A flexible type of mortgage, this is the best option if you are a new resident or a non-resident in Canada, an expat working in Canada, or an international.

• Cash Back Mortgage. A mortgage option that provides up to 5% rebate, this is a relatively more expensive type of mortgage but offers greater investment value and other benefits. Choosing this option enables you to pay your mortgage through additional lump sum and get money which you can use for special purposes like home renovation, vacation, planned events, and others. The money is substantial enough that you can even use it to buy a new investment, open an RESP, or make an RRSP contribution.

• Better-than-Posted Mortgage. A fixed-rate mortgage option, this provides a guarantee on the announced rates without having to negotiate on 3, 4, 5, 7, or 10-year fixed rate closed mortgages.

• Aero Mortgage. This mortgage option allows you to turn your mortgage payments into rewards for travel and lifestyle purposes.

Finding the Lowest CIBC Mortgage Rate

Find the right mortgage that offers the lowest rate by comparing CIBC’s mortgage rates against the offerings from other banks and mortgage brokers.

Comparing CIBC Mortgage Rates

To compare the different mortgage rates, you can use CIBC's Mortgage Resource Centre and interactive CIBC mortgage rate comparison chart in addition to CompareMyRate’s mortgage rate comparison tool.

CIBC Mortgage Application Checklist

To obtain a complete information about your desired CIBC mortgage plan, you will have to fill out an application form. In addition to the data about your annual income, employment, existing assets and liabilities, and financial history, here is a list of other information that you need to provide:

• Mortgage amount
• Purpose (e.g. purchase, refinance, transfer)
• Purchase price
• Down payment
• Property type
• Dwelling style
• Builder (if applicable)
• Property address
• Annual property taxes
• Annual condo fees (if applicable)

Comparing Other CIBC Products

CIBC has an array CIBC credit cards, including loyalty reward cards, low-interest cards, as well as GICs that can be availed on different terms.

About the Canadian Imperial Bank of Commerce (CIBC)

The Canadian Imperial Bank of Commerce (CIBC) is a one of the most reputable and top-ranking financial institutions in Canada. Through two major outfits—CIBC Retail Markets and Wholesale Banking—CIBC offers a complete suite of financial products and services to over 11 million clients which are made up of individuals, small businesses, commercial groups and entities, and corporations and institutions across Canada and around the world. CIBC has 41,000-strong workforce spread across 1,069 branches in Canada. It also has more than 3,800 automated banking machines (ABMs) set up in the country’s different provinces and territories.