Canadian Imperial Bank of Commerce (CIBC) mortgage rates

A financial institution number is a unique 3 digit number assigned to each specific bank or financial institution. This number is used during interbank transactions and can help identify the institution, branch location and customer account. The CIBC financial institution number is 010.

CIBC offers its mortgage products through their mortgage specialists and bank branches. They offer a variety of specialty mortgage products such as the CIBC Home Power Mortgage, CIBC Wealth Builder Mortgage and more.

CIBC mortgage rates are competitive when compared to other banks, but not necessarily other lenders. Rates tend to vary depending on a multitude of factors such as down payment and Loan to Value, term length, and intention for the property, rather than bank to bank. It’s important to shop around and compare mortgage rates from multiple lenders so you can find the best mortgage rate for you.

CIBC fixed rate mortgages

CIBC offers a variety of fixed rate mortgages so that you can lock in your interest rate for the term of your mortgage. They have short term CIBC mortgages from six months to long term mortgages of ten years. Talk to your mortgage advisor to learn whether a CIBC fixed rate mortgage is for you.

CIBC variable rate mortgages

CIBC offers variable rate mortgages which historically have been known to save borrowers money. Variable mortgages offer a predictable penalty fee if you choose to break your mortgage before the end of the term, since it will always be equal to 3 months interest. With a CIBC variable rate mortgage, your payment amount stays fixed for the term, but the interest rate will fluctuate based on the CIBC prime interest rate. Talk to your mortgage advisor to learn whether a CIBC variable rate mortgage is for you. 

A change in the prime rate will only affect your mortgage if you have a variable rate, which is quoted to you as prime +/- a percentage. So if CIBC’s prime rate falls, more of your mortgage payment goes to the principal. If it rises, then more of your payments will go to the interest. The monthly payment remains the same.

A mortgage rate hold is when your lender locks in your quoted rate for a specific length of time. It’s similar to a ‘guarantee’ of that rate if you qualify for it. CIBC has a rate hold of 90-120 days.

Factors that can affect the rate you obtain would include:

• The type of transaction (purchase/transfer/refinance)
• Occupancy of the property (owner living there or rental/investment)
• The down payment amount (insured vs conventional) which also affects the mortgage amortization.

You can view CIBC mortgage rates through our rates tool which will always provide you with the most up to date published CIBC rates.

CIBC allows you to start the renewal process closer to the end of your mortgage term without any penalty. It’s advised that you start looking at your renewal options six months before the end of your term, that way you can determine whether you will need to make any changes, such as your term length, payment frequency or rate options. Don’t be afraid to look at other options if your mortgage isn’t working for you anymore. You might be able to negotiate for a lower rate, however you will need to be well qualified and have a solid repayment history on all debts and a strong credit score. It’s best to speak with your mortgage advisor and get their opinion on which mortgage renewal option is best for you.

You can get a mortgage from CIBC by contacting the bank directly or by speaking to a CIBC mortgage advisor.

A mortgage broker is a licensed professional who helps you connect with lenders and find the best mortgage offer based on your financial situation and goals. They’ll help you compare mortgage rates and products between different lenders, and also give you the opportunity to speak with an independent mortgage expert. Some lenders might not work with brokers but it might be beneficial for you to speak with one to see what else is available in the market.

You can review the details of your mortgage, along with your bank loans and credit lines from your CIBC online banking profile. When you log in, select your mortgage account from your list of accounts. Then click on “View” for the drop down menu where you’ll be able to click on “Mortgage Loan – Annual Summary.”

Porting your mortgage is when you take your existing mortgage, including all of its terms and current rate, from your previous home to your new home. The option of moving your mortgage gives you the flexibility to keep your current rate and term while avoiding any prepayment charges. CIBC offers portable mortgages, but it’s best to speak with your mortgage advisor to learn more. 

In the process of buying a home? Check out Perch’s Guide to Buying a Home at any step of your home buying process to get access to free tools and resources that will help you before and after your closing date. You can also sign up today for a Perch profile to connect with a real estate agent or mortgage advisor today.