Frequently Asked Questions
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Can I change my mortgage payment frequency?
Absolutely! You can change your payment frequency to suit your needs. There may be an interest adjustment amount owing for the period from your last payment date to the revised payment date. For instance, if you switch from weekly payments to monthly, you may owe interest on your first monthly payment.
When will I receive my mortgage statement?
You'll receive a mortgage statement every year between January and March.
Each mortgage statement will include your:
- Total annual mortgage payments (principal and interest)
- Principal closing balance
- Principal and interest payment amount
- Current interest rate
- Remaining amortization
- Property tax account payment (if applicable)
- CIBC Mortgage Life Insurance payments (if applicable)
Be sure to keep this annual statement for future reference. It may also be required for income tax purposes.
If you have a variable-rate mortgage, you may also receive a notice when the CIBC Prime Rate changes.
Can I renew my mortgage before my term is up?
Of course! Early renewal is especially handy if you think interest rates are on the rise. You can renew your mortgage early and lock into the current rates. Depending on your mortgage type, prepayment costs may apply.
How will I know it's time to renew my mortgage?
Approximately 30 days before the end of your mortgage term, you'll receive a "Renewal Package" offering mortgage products and terms available. This is a great time to review your needs and savings options too.
If I sell my home to buy another, can I take my CIBC Mortgage with me?
In most cases - yes! Almost all CIBC Mortgages are portable. This means you can transfer the remaining balance and the term of your CIBC Mortgage to the new property at the rate you currently enjoy. This is an ideal solution if you enjoy a low interest rate with your current mortgage.
What is Mortgage Assumption?
When a home is sold, the seller may be able to transfer the mortgage to the new buyer. This is called Mortgage Assumption because the buyer takes over, or assumes, the mortgage.
This is a great selling feature if the seller's existing interest rate is below the current market rate.
For what kinds of properties can you get a mortgage at CIBC and what are the eligibility requirements?
CIBC Mortgages are available on new and existing residential properties that range from detached single-family dwellings to four-unit dwellings and individual condo units throughout Canada. CIBC Mortgages are available for the purchase of property, mortgage transfers from other financial institutions, renewals, refinances, ports and assumptions. Conditions apply to each of these mortgages.
The minimum mortgage amount is $10,000.
The property must meet certain eligibility requirements:
- Located in a built-up area with municipal services such as water, sewer and hydro
- Structurally sound, good plumbing, central heating and wiring that meets municipal standards
The income and employment criteria are as follows:
- Two years of continuous employment
- Three years of continuous self-employment (T-4 confirmation)
- A realistic equity in the property and a level of income sufficient to meet the mortgage payments comfortably
- A 5% downpayment is needed to qualify
- Please note that a guarantor may be required if the applicant is unable to meet the lending criteria
How do I apply for a CIBC mortgage online?
If you are interested in applying for a CIBC Mortgage online, please visit:
- http://www.cibc.com/mortgages
- Select the "Apply Online" button
- Complete the "CIBC Mortgage Application"
- Select the "Submit" button at the bottom of the page
- When we receive your application, one of our CIBC Mortgage Representatives will contact you within 3 business days to discuss your application and the next steps in finalizing your mortgage from the comfort of your home or office
If you have any difficulty with the online application, have any questions or want to apply over the phone, please call Telephone Banking at 1-866-525-8622. Our Sales and Service Specialists are available to assist you 24 hours a day, 7 days a week. You can also visit your branch to discuss your specific mortgage needs.
What is the Mortgage Transfer Program?
The Mortgage Transfer Program allows you to transfer your renewing mortgage from another approved lending institution at no cost. Legal and appraisal costs are absorbed by CIBC. The processing fee of the other lending institution is also absorbed by up to $200.00 (prepayment costs excluded). Depending on whether your mortgage is up for renewal or not, prepayment charges may apply.
You and the property must qualify for a mortgage. The property must be an owner-occupied, single-family dwelling. If your mortgage is CMHC or Genworth insured, the insurance is transferred along with the mortgage.
The interest rate is guaranteed for 60 days on most mortgage products from the date of application for transfer. Only the principal balance of your mortgage is transferable. If you want to increase the mortgage amount, you must apply for a new mortgage. You are then responsible for legal and appraisal fees.
How can I take advantage of the CIBC AeroMortgage® when I'm already locked into another mortgage?
You are eligible for a CIBC AeroMortgage on your first renewal or first conversion to the same. We would be happy to transfer your mortgage choice for you when your mortgage comes due.
If you wish to take advantage of this new mortgage prior to the renewal date for your current mortgage, you can request an early renewal and pay an early renewal interest prepayment cost.
The prepayment cost varies depending on the type, interest rate and remaining term of your present mortgage. For further information or to discuss this option, please call 1-866-525-8622 or visit your personal banking representative at your home branch.
What is the difference between the CIBC AeroMortgage® and the Bank of Montreal Air Miles®1 mortgage offer?
With the CIBC AeroMortgage, you accumulate Aeroplan® Miles with every mortgage payment. Every month, you receive one Aeroplan Mile for every $1 of interest you pay. The interest is usually the biggest portion of your payment, so your Aeroplan Miles should add up quickly. As you also receive a one-time sign-up bonus of 10,000 Aeroplan Miles, you could be taking a free short-haul Air Canada flight within 2 years. The Bank of Montreal Air Miles program only rewards you the first time you sign up for the mortgage. It does not reward you on an ongoing basis.
The CIBC AeroMortgage could be for you if you like the flexibility to enjoy the things you love to do, such as travelling and various lifestyle activities. For more details, please call 1-866-525-8622.
® AeroMortgage and Aeroplan are registered trademarks of Aeroplan LP; CIBC licensee of marks.
®1 Air Miles is a registered trademark of Air Miles International Trading B.V.
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