Buying your next home
When preparing to buy your next home, there are many things for you to consider, one of which is deciding what to do with your existing CIBC mortgage. You don't necessarily have to lose your great rate or break your current mortgage contract - CIBC can offer you choice and flexibility to help you choose the best mortgage options for you, while keeping your great rate.
Move your CIBC mortgage to your new home
Whether your new home requires financing less than, the same, or more than your current CIBC mortgage, CIBC provides you with the flexibility to carry the same great rate, terms, and conditions of your current mortgage to your new home. This is also known as the "portability feature" of your CIBC mortgage and is a great way to save money when the interest rate on your existing mortgage is lower than current mortgage rates.
Offer your current mortgage to the new buyer
Offering your mortgage to a prospective buyer can help you sell your home faster if your existing mortgage rate is lower than the current posted rates, and you have built up enough equity that you don't need to take the mortgage with you. The new buyer can apply to "assume" your mortgage, at its existing rate.
To find out more about the choices you have with your CIBC mortgage:
- Call the CIBC Mortgage Servicing Call Centre toll free at 1-888-264-6843
- Visit a CIBC branch nearest you
The information in this article is general only; it is not intended as specific investment, financial, accounting, legal or tax advice for any individual.
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