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Canadian Imperial Bank of Commerce (CIBC) mortgage rates

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Canadian Imperial Bank of Commerce (CIBC) mortgage information

Canadian Imperial Bank of Commerce (CM on TSX) also widely known as CIBC, was founded in 1961. They are a Canadian multinational investment bank and financial services company. Their head office is located in Toronto, Canada and they serve clients in Canada and globally through their three divisions, which includes business banking, wealth management and capital markets.

Some of their services include:
  • Personal and commercial
  • Banking
  • Credit cards
  • Retirement
  • Insurance
  • Investing

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.

Here are several different mortgage products from CIBC you can choose from:

CIBC Fixed Rate Closed Mortgage

With the CIBC fixed rate closed mortgage, you will know exactly what your mortgage payment will be regardless of how interest rates change. You can also prepay up to 10% of your original mortgage amount annually and increase your payment at any time up to 100% of your regular amount.

CIBC Fixed Rate Open Mortgage

The CIBC fixed rate open mortgage is suitable for you if you want to avoid locking in for the long term in the case that rates fall and the security of knowing exactly how much your payments will be. It’s also for you if you want the flexibility to make large lump sum payments or just want to increase your payment amount during the term, as well as if you are considering selling your property soon.

CIBC Convertible Mortgage

The CIBC convertible mortgage is a short term closed mortgage that has a fixed interest rate and gives you the flexibility of converting into a fixed rate closed mortgage with a term of 3 years or more at any time. You have the ability to pay off your mortgage faster by allowing you to prepay up to 20% of your original mortgage amount annually.

CIBC Variable Flex Mortgage

This is a low variable interest rate mortgage that gives you the flexibility of annual prepayments of up to 20% without paying a prepayment charge. You also have the option of converting into a fixed rate closed mortgage with the term of 3 years or more at any time.

CIBC Variable Rate Open

The CIBC variable rate open mortgage provides you with a set monthly mortgage payment, so if the CIBC prime rate goes down, more of your payment goes towards the principal and if it goes up, more of your payment will go to interest. You can also make additional payments if you’d like and repay up to 100% of your mortgage.

The Wealth Builder Option for CIBC Mortgages

The CIBC Wealth Builder mortgage will allow you to pay down your mortgage while you build savings with cash back. It is available on CIBC fixed rate closed mortgage of 3 year terms or more. This mortgage is suitable if you want the security of a fixed rate closed mortgage, to purchase a home but don’t want to put your other savings on hold or want to have the ability to meet your financial goals sooner. You can choose from 3,4,5,7 and 10 year terms.

CIBC Home Power Mortgage®

The CIBC Home Power Plan allows you to use the equity in your home to consolidate all of your personal credit under one low interest lending solution. You can choose from a wide range of mortgage options that will provide you with customized borrowing solutions and competitive rates.

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.

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