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Buying a Second Property

Find out the mortgage options available to you when buying a cottage or second home.

1.

Mortgage refinance
 

The CIBC Home Power™ mortgage1 option is an ideal way to borrow for your specific needs. All you need is at least 10% equity in your home to get a CIBC Home Power mortgage refinance working for you.

With the CIBC Home Power mortgage, you can:

  • Easily budget with a structured payment plan and an assured pay-off date
  • Add the payments to your current mortgage amount for your convenience
  • Access up to 90% of your home's appraised value3

Interested in applying for a CIBC Mortgage?

The first step is to get pre-approved.

If you already have a signed offer to purchase a property, you're ready to apply for a mortgage online, call Telephone Banking at 1-866-525-8622, or visit one of our branches.

Apply for a Pre-approval Certificate


2.

Line of credit
 

The CIBC Home Power™line of credit2 option is a great way to borrow if you want ongoing access to funds at any time. You'll need at least 20% equity in your home to get a CIBC Home Power line of credit working for you.

With the CIBC Home Power line of credit, you can:

  • Enjoy the flexibility of paying as much or as little as you want, as long as you meet the monthly minimum payment
  • Pay interest only on the amount you use
  • Access up to 80% of your home's appraised value3

Apply for CIBC Home Power Line of Credit

Apply online, call Telephone Banking at
1-866-525-8622 or visit one of our branches.

Apply Online


1 To qualify for a Home Power mortgage, you must have at least 10% equity in your home and borrow at least $10,000. You can access up to 90% of your home's appraised value only if your home is insured (e.g., CMHC insured); otherwise, you can access up to 80%. Legal and appraisal fees apply. Additional conditions and restrictions apply; ask for details.

2 To qualify for the Home Power line of credit, you must have more than 20% equity in your home and borrow a minimum of $10,000. Additional conditions and restrictions apply. Legal and appraisal fees apply. Additional conditions and restrictions apply. Ask for details.

3 Less what you currently owe on your home, or other encumbrances.

™ Trademark of CIBC.

The information in this article is general only; it is not intended as specific investment, financial, accounting, legal or tax advice for any individual.