Canadian Imperial Bank of Commerce

CIBC stands for the Canadian Imperial Bank of Commerce. In their own words, they try to utilize the common values of trust, teamwork, and accountability to maintain a business culture that creates value for their clients and stakeholders.
CIBC wants to make mortgages and other financial tools accessible and easy to use for everyday clients even if they aren’t that financially savvy themselves. They have a wide range of fixed rate, variable rate, and specialty mortgages to cater for clients with all kinds of needs.

CIBC offers products for all kinds of clients in all kinds of situations and with all kinds of needs. You can access a full list of their products on the CIBC site along with information to give you a clearer picture of what they can do for you.

Here are some of the more noteworthy options:

• Fixed rate:
  Even on standard fixed rate closed mortgage products CIBC now allows prepayments of up to 10% per year as well as doubling the size of your payments over anytime. On the other hand, you can also get an extend 35-year amortization.
  • CIBC Fixed-Rate Closed Mortgage: With very competitive rates and an option of 1, 2, 3, 4, 5, 7 or 10-year terms.
  • CIBC Fixed-Rate Open Mortgage: A 6-month or 1-year term mortgage with which you can pay off your mortgage in almost any way.
  • CIBC Convertible Mortgage: A 6-month closed mortgage that can be converted into an open mortgage at any time.
• Variable rate:
  • CIBC Variable Flex Mortgage®: Allows you to prepay up to 20% without any charges and offers low rates. Available in 3 or 5-year terms.
  • CIBC Variable-Rate Open Mortgage: 5-year open mortgage with monthly set payments that may change on market conditions.
• Specialty:
  • Better-than-posted mortgage: A fixed-rate mortgage that guarantees improvements on announced rates without having to negotiate 1 to 10-year closed mortgages.
  • Wealth Builder Mortgage: You can receive cash back on your mortgage upfront and ongoing during the 3, 4, 5, 7 or 10-year closed fixed-rate mortgage terms.
  • Cash Back: This mortgage gives out a 5% rebate that you can use to prepay some of your principle or start a new mortgage product or even do renovations.

CIBC is a fully-licensed financial institution that also offers banking services, lending products, investment opportunities, and insurance.

You can get pre-approval by applying for it online on the CIBC mortgage products page. Requests are usually processed within 1 business day.

On top of all the regular information required when applying for a mortgage such as annual income, existing assets and liabilities, employment information, and financial history, you will also need to provide the following:

• Mortgage amount
• Purchase price
• Property type
• Builder (if applicable)
• Annual property taxes

• Purpose (e.g. purchase, refinance, transfer)
• Down payment
• Dwelling style
• Property address)
• Annual condo fees (if applicable)

You can find these and more requirements on the application form you receive from CIBC when applying for a product.

Find out more Canadian mortgage lenders: B2B Bank, Laurentian Bank, Tangerine, Street Capital, Scotiabank and others.