Find the right mortgage that offers the lowest rate by comparing CIBC’s mortgage rates against the offerings from other banks and mortgage brokers.
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.
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)
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.
CIBC Mortgage Calculator
Estimate your CIBC mortgage payments
Applying for a mortgage involves a lot of math. With a lot of information to consider and numbers to crunch, it is easy to get overwhelmed and sidetracked. To help you stay in focus and effectively deal with issues and numbers that matter, CIBC offers a range of mortgage calculators that can help you easily and quickly determine:
- The mortgage that you can afford.
- The right mortgage that suits you best.
- The exact amount that you can borrow.
- The most practical payment frequency.
- The charges that you may incur if you opt to pre-pay the mortgage.
- The difference between rental payments and mortgage payments.
- The amount of home equity if you’ll choose to buy your own house instead of renting or picking other forms of home purchase.
Whether you’re looking to purchase, refinance, or simply want to pay off your existing mortgage debt, CIBC mortgage calculators can be handy in helping you compare, estimate, and calculate mortgage payments. With these easy-to-use tools, you will have at your disposal an all-in-one-place solution that enables you to come up with the right purchasing decision.
Remember that finding out the exact mortgage payments can help you effectively choose what price tag suits your budget. This is important to be able to manage your finances and avoid being locked in a bad mortgage.
Mortgage payments are determined by the following factors:
- The purchase price
- Down payment
- The amortization period
- Your mortgage rate
Home purchase requires a major decision. Invest wisely by being equipped with the right information. Estimate your mortgage payment now. Start using the CIBC mortgage calculator by entering the pertinent numbers.
To use CIBC mortgage calculator, begin by entering the amount of mortgage. Determine the term (duration of your loan) and type of the loan (which can be closed variable or fixed). The interest rate section automatically reflects the annual percentage rate (APR). Identify your amortization or the number of years the loan has to be paid, followed by the frequency of payment. Include other possible payments like one-time and annual payments. You can also determine how much you can save by filling the Increase Payment By section.