CIBC Convertible Mortgage

This is a short-term closed mortgage with a fixed interest rate and the flexibility of converting to a long-term closed mortgage at any time1.

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.

Term	6-month closed
Interest rate	fixed interest rate for the duration of the term
Make additional payments	Prepay up to 10% of your original mortgage amount annually.
Increase your payment amount	Your original mortgage payments (principal and interest) can be increased by up to 100% anytime during the term. The extra payment amount is applied directly to the principal, reducing overall costs.
Amortization Period	You now have the option of taking up to 40 years to pay off your mortgage, which can improve your cash flow.2

Is it for you?

The CIBC Convertible Mortgage could be for you if any of the following apply:

your mortgage is 50% to 75% of the home's value
you want to minimize the risk of varying payment amounts, while keeping your options open
you think interest rates will decrease gradually within the next six months
you want to think about which closed-term CIBC mortgage to select and need time to decide

Useful information

minimum mortgage amount is $10,000
the interest rate quoted when you apply for your mortgage or
Pre-Approval Certificate can be guaranteed for up to 90 days
convertible to any closed-term CIBC mortgage ranging from 1, 2, 3, 4, 5, 7, 10 years, including the CIBC Better Than Prime Mortgage™, without any prepayment costs

Trademarks and Disclaimers

Mortgages are offered by CIBC Mortgages Inc. All applicants must meet CIBC lending criteria. Available on single-family, owner-occupied residential properties only. Some conditions and restrictions apply.

1 Products and their features may change at any time. This is a general description only. For more information call 1-866-525-8622.

2 Available on owner-occupied residences only. Additional insurance premium applies; ask for details.

™ Trademark of CIBC.

+ CIBC Mortgage Life Insurance is underwritten by The Canada Life Assurance Company. A detailed summary of the terms, conditions, limitations, exclusions and other provisions are contained in your Certificate of Insurance, which you receive upon enrolment.

Mortgage rate

Term
6 months

APR
%

as of

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Find out how much you can afford and secure a mortgage interest rate by applying for a pre-approval certificate. Apply for a pre-approval.

Protect one of your most important financial assets. Get affordable protection with CIBC Mortgage Life Insurance and rest easy knowing that your family's home is protected up to a maximum of $750,000 of your mortgage.