CIBC Mortgage Rates

CIBC offers fixed and variable rate mortgages in a variety of term lengths. They also provide cashback mortgages as well as home equity products to help you meet your financial goals. You can find CIBC's latest mortgage rates below.
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CIBC fixed-rate mortgages

CIBC offers fixed-rate closed mortgages in 1,2,3,4,5,7 and 10-year terms. Fixed-rate closed term mortgages are a popular option for those looking for predictable mortgage payments that won't change if prime lending rates change.

If you want the option to pay off as much of your mortgage as you can, CIBC offers fixed-rate open mortgages in 6 month and 1-year terms. Open term mortgages give you the flexibility to pay off your entire mortgage at any time, without penalty.

CIBC variable-rate mortgages

CIBC's "Variable Flex Mortgage" gives you a variable interest rate with the ability to make prepayments of up to 20% of your original mortgage principal each year. The variable flex rate mortgages come in 3 and 5-year terms.

A 5-year variable rate open mortgage is also available if you want a floating interest rate with the option to pay down your mortgage without penalty.

CIBC convertible rate mortgages

CIBC's 6-month convertible rate mortgage gives you a short term fixed-rate mortgage with the option to lock into a longer-term fixed-rate mortgage.

A convertible mortgage is a good option if you're unsure about the type of mortgage you want. It gives you some short-term flexibility to commit to a longer-term mortgage at a later date.

CIBC mortgage prepayments

Making prepayments helps you pay off your mortgage faster and saves on interest charges. CIBC allows for annual prepayments of up to 10% of the original mortgage principal amount on fixed-rate closed mortgages. For variable rate closed mortgages, the prepayment limit increases to 20% of your original mortgage principal.

You can also make a prepayment towards your mortgage principal by increasing your payment by up to 100%. This additional payment can be made once annually and is only available on fixed-rate closed or variable rate closed mortgages.

5% cashback offer

On 5 year or greater fixed-rate closed mortgages, you can receive up to 5% cashback on the mortgage amount. Cashback offers are also available on 3- and 4-year fixed-rate closed mortgages, as well as CIBC variable flex rate mortgages.

The cashback offer has a maximum limit of $50,000 and is given to you upfront after closing your home or condo purchase. If you transfer or renew your mortgage before your mortgage term ends, you'll have to pay your cashback offer.

CIBC wealth builder mortgage

Mortgages that are fixed-rate closed and have 3, 4, 5, 7, or 10-year terms are eligible for a CIBC Wealth Builder Mortgage. The CIBC Wealth Builder Mortgage is an excellent bonus offer if you want to grow your savings as you pay down your mortgage.

With this offer, you'll receive 1% cashback upfront on the mortgage amount, and then receive $100 per quarter for the remaining term of the mortgage.

For example, on a 5-year $250,000 mortgage, this amounts to $4,500 cashback, which you can put towards an RESP, RRSP, TFSA, or any other type of non-registered investment account. Terms and conditions apply to this offer, and it can't be combined with any other CIBC cashback offers.

CIBC home power plan

CIBC offers a home equity product called the Home Power Plan. The CIBC Home Power Plan allows you to use the value of your home to borrow up to 80% of its appraised value. It effectively combines your mortgage and home equity line of credit into one account. As you pay down your mortgage, your line of credit limit simultaneously increases.

You only have to pay interest on the amount you borrow from your line of credit. You will also have access to the funds at any time and using any banking method.

Mortgage pre-approval

Getting pre-approved for a mortgage with CIBC gives you certainty in the mortgage amount and interest rate you can expect to receive when you're ready to finalize your home purchase. Once you get pre-approved for a mortgage, your interest rate will be held for 120 days, allowing you time to shop for a home or condo. Keep in mind that, should your financial or credit history change during this period, your mortgage pre-approval may have to be re-evaluated.

CIBC has a mortgage affordability calculator you can use to see how much you can afford before going through the pre-approval process. Likewise, MapleMortgage.ca also provides an affordability tool to help you examine how much you could be approved for from other lenders.

You can apply for a CIBC mortgage online and get pre-approved by filling out a form. After you have submitted the form, a CIBC mortgage advisor will contact you within one business day.

CIBC mortgage advisors

You can get free personalized mortgage advice by scheduling an appointment with a CIBC Mortgage Advisor. You can set up a meeting with a mortgage advisor by completing an online request form. You can also search for a mortgage advisor to match any location or language requirements you may have.

What you'll need to apply for a CIBC mortgage

When you meet with a CIBC mortgage advisor to complete your mortgage application, several documents are required, including:

  • Proof of employment and income. Recent payslips or bank statements showing your flow of income
  • T1 or notice of assessment from the previous year
  • Provide a list of your assets and liabilities
  • Evidence that you have the down payment amount
  • Details about your property, including a copy of the accepted purchase and sale agreement. Estimates about property tax, condo fees, and heating costs

For a more detailed list of required documents, CIBC provides a handy checklist of materials that you will need.

About CIBC

The Canadian Imperial Bank of Commerce (CIBC), with over 44,000 employees and over 1,000 branches, is one of Canada's "big five" banks. Founded in 1961 and headquartered in Toronto, Ontario, they offer a wide array of financial services for more than 10 million clients.

Ⓒ MapleMortgage.ca 2020

Disclaimer: MapleMortgage.ca strives to keep its mortgage rates and information up to date and accurate. The information and tools presented on MapleMortgage.ca are for informational and educational purposes only and does not constitute financial advice. At times the information you see when you visit a financial institution's or broker's website may be different. When looking for a mortgage, please contact the financial institution or broker directly for the latest terms and conditions.