Compare CIBC Mortgage Rates in Canada

CIBC, also known as the Canadian Imperial Bank of Commerce, is a well-known and prominent financial institution. CIBC is competitive among other major banks and lenders. However, the specific rate an individual qualifies for often depends on their financial circumstances.

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Key Highlights

• CIBC is regulated by the federal government and publicly traded, with headquarters in Toronto.
•  CIBC provides various types of conventional mortgages and products to its Canadian customers at comparable rates. 
• CIBC is the 5th largest bank in Canada, making it one of the “Big 5.”

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Compare CIBC Mortgage Rates

Below is a table displaying the best rates from the five largest banks in the country. You can easily compare the rates offered by major Canadian lenders and banks, including TD Bank, RBC, CIBC, HSBC, and Scotiabank. We take care of the research to guarantee you the lowest possible rates upfront every time.

CIBC Bank Overview & Stock Information

CIBC, also known as the Canadian Imperial Bank of Commerce, is an international financial institution headquartered in Toronto, Canada. It is recognized as one of the big five Canadian banks, alongside RBC, TD, Scotiabank, and BMO. Established in 1867, the bank caters to individual and business customers in Canada and abroad.

Stock Information

• Listed on the Toronto Stock Exchange: TSE: CM 
• Listed on the New York Stock Exchange: NYSE: CM 

CIBC Mortgage Products

CIBC provides a wide selection of mortgage solutions for their residential clients, such as fixed-rate mortgages with various term choices, variable-rate mortgages with multiple terms, and open and closed mortgages. CIBC also offers flexible payment options for most mortgages, allowing customers to choose from weekly, bi-weekly, semi-monthly, or monthly payment frequencies.

CIBC Newcomer Programs

The CIBC Newcomer to Canada Program Mortgage is designed for individuals with a limited credit history in Canada but sufficient Canadian income to afford mortgage payments. 

The CIBC Newcomer to Canada PLUS Program Mortgage is available for individuals new to Canada or Canadian citizens who have returned to Canada after living abroad. This program also extends to applicants working towards re-establishing their careers in Canada, even if they have limited or no credit history. 

The CIBC Foreign Worker Program Mortgage is specifically tailored for those with a valid work permit, and individuals may still qualify for this program even without a Canadian credit history.

Mortgage with Cash Back Option

CIBC provides a maximum amount of $4,000 for those who switch to one of their highlighted mortgages, depending on the amount borrowed.

CIBC Home Power Mortgage

CIBC offers the Home Power Mortgage, which enables borrowers to merge a mortgage with a home equity line of credit. This is a popular bundled mortgage option among traditional lenders, providing the convenience of a line of credit that only accumulates interest on the amount spent. Like a credit card, this line of credit is a revolving solution, not a one-time payment. 

Through the Home Power Plan from CIBC, one can borrow up to 80% of their home’s value, with a minimum of $10,000. The advantage of this mortgage is that as the borrower pays off their mortgage, the credit line amount will increase. Credit lines can be utilized for various purposes, such as consolidating debt, funding renovations, or making other purchases.

CIBC Annual Mortgage Prepayment

CIBC stands out among the big 5 banks for offering a generous prepayment allowance of up to 20% on their mortgage products. CIBC presents various flexible options for increasing payments, including prepaying 10% of the original mortgage amount annually and increasing payments at any point up to 100% of the regular amount for their fixed-rate closed mortgages.

Canadian Bank Closed Mortgage	Prepayment Amounts
RBC	10%
TD Bank	15%
Scotiabank	15%
BMO	20%
CIBC	20%
National Bank	10%

Renewal Process with Big Banks

For those renewing their mortgage through CIBC, it is important to understand the steps involved in renewing with the same lender and exploring options with other lenders. However, it is important to note that once your term expires with CIBC, you have the option to renew with any other bank or mortgage provider. This is assuming that your financial circumstances have remained relatively the same.

Frequently Asked Questions

Here is a compilation of questions about CIBC’s mortgage products and interest rates that have been frequently asked:  

Are CIBC rates lower than other big banks?

Compared to other major banks and lenders, CIBC mortgage rates are competitive. In many cases, your financial situation will often determine which rates you qualify for.  If you are looking for a mortgage, your best bet is to compare it with other lender’s offerings and see who is offering the best rate. 

What are the benefits of choosing a smaller lender?

Getting a mortgage through a smaller lender provides several advantages. Firstly, banks have very tight criteria regarding who qualifies for their mortgage products. In contrast, smaller lenders are more likely to listen to your story before deciding if you qualify for a mortgage. Another benefit of dealing with a smaller lender is that they likely focus solely on mortgages and will not try to upsell you on anything else. Consequently, they will prioritize providing you with the best mortgage service.

How do I get a mortgage with CIBC?

To obtain a mortgage from CIBC, you can apply directly with the bank, via a mortgage broker, or with the help of comparemortgages.ca. 

Final Thoughts

CIBC offers a variety of conventional mortgages and products to its customers. Their interest rates are competitive, and they also provide flexible prepayment options. While CIBC is a traditional bank, you may only sometimes be offered the best rate or terms. It’s always advisable to shop around for the best rate and terms whenever you are in the market for a new mortgage, renewal, or refinance.