Our guide to CIBC mortgages
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Discover the methodologyWhen it comes to mortgages, there are a lot of things to think about. What’s the interest rate? What’s the term? Do you want a fixed or a variable interest rate?
There are lots of important questions to ask when you’re shopping around for a mortgage. But at the top of that list is without a doubt, "which mortgage lender should you work with?"
Each lender has its own set of pros and cons, so it’s important to understand the differences before you decide which one is right for you. In this review, we take a close look at CIBC mortgages and their current rates.
About CIBC
Founded in Toronto in 1961, CIBC is a leading North American financial institution. They provided a full range of financial products and services to 10 million clients across Canada and globally. In 2020, CIBC invested $75 million in community organizations across Canada and the U.S., including $57 million in corporate contributions and $18 million in employee-led fundraising and giving.
Our review of CIBC
The mortgage section of the CIBC website offers a range of options to help you find what you need. Whether you are looking for your mortgage, renewing your mortgage or buying a second home, CIBC has many different channels of tools and advice available online. Their mortgage payment and affordability calculators allow you to easily look ahead for your mortgage planning.
CIBC mortgage pros and cons
Here are some of the advantages and disadvantages of CIBC mortgages:
Why CIBC might be right for you:
One of the most reputable lenders in Canada
Access to additional banking products
CIBC mobile banking app
Why CIBC might not be right for you:
Strict lending requirements
Working with a major banks can mean less personal service.
Be mindful of cross selling
To find the best mortgage rates, it is important to weigh quotes from different lenders. Subtle differences in the interest rates, term lengths and fine print can mean tens of thousands of dollars over the course of the mortgage. Use our free, online mortgage rates comparison tool today to help you find the perfect provider!
Compare mortgage rates now
What types of mortgages does CIBC offer?
Below is a table showing some details about the different mortgage plans CIBC offers. Most providers will offer a variety of mortgage options.
| Coverage type | Mortgage |
|---|---|
| Cash back | Get up to $3,000 |
| Pre-approval online | |
| Online calculator | |
| Apply online | |
| Mortgage plans |
|
What mortgage rates does CIBC offer?
There are two main types of mortgage rates in Canada: fixed and variable rates.
Fixed-rate mortgages are a great option for people who want to know exactly what their interest rate will be throughout the entire course of their loan term. With a variable rate, your payments change based on market conditions. This could mean rates that go up over the course of the term.
Below are some of the mortgage rates CIBC offers:
Rate Type | Term length | Rate |
|---|---|---|
Closed-fixed | 1 year | 2.79% |
Closed-fixed | 2 years | 2.89% |
Closed-fixed | 3 years | 3.49% |
Closed-fixed | 4 years | 4.24% |
Closed-fixed | 5 years | 4.79% |
Closed-fixed | 7 years | 5.60% |
Closed-fixed | 10 years | 6.09% |
High-ratio fixed closed | 5 years | 4.79% |
High-ratio variable flex | 5 years | 2.70% |
Open-fixed | 6 months | 7.25% |
Open-fixed | 1 year | 6.35% |
Convertible | 6 months | 3.75% |
Variable flex | 3 years | 2.70% |
Variable flex | 5 years | 2.70% |
Variable-open | 5 years | 4.50% |
Want to compare mortgage rates in Canada from other lenders? You can for free, and anonymously right on this website.
Compare mortgage rates now
How do I contact CIBC?
In order to contact CIBC, you must log into your online banking account for more personalized help from their virtual assistant.
Our CIBC mortgage calculator
Want to calculate what your CIBC mortgage will look like? We have some tools right here on our website that can help:
Our mortgage payment calculator lets you see monthly payments and gives a yearly amortization schedule.
Our mortgage affordability calculator will help you determine how large a mortgage you can get.
Our mortgage default insurance calculator will tell you how much you'll owe for mortgage default insurance
