Mortgage Renewal: How Does It Work?

With every mortgage renewal comes the opportunity to reflect and assess your mortgage needs before you decide on a new mortgage product. Whether your term is 6 months or 10 years, if you qualify, CIBC will mail your mortgage renewal agreement 30 days prior to maturity. At this time contact your CIBC mortgage Representative to discuss your renewal options.

Follow these simple steps to make sure you secure the mortgage renewal that’s right for you:

  1. Start early. Did you know that you can renew your mortgage as early as 120 days in advance? As a valued CIBC mortgage customer, you may be eligible for our early renewal offer. This offer allows you to lock your mortgage in at current rates and renew early without paying a prepayment charge, if you select a closed mortgage product* with a term of 3 years or more.

  2. Consult a CIBC mortgage representative. They’ll make sure you have the latest product and mortgage information to help you make a final decision.

  3. Renew at maturity. Many people wait for their mortgage to reach maturity before thinking about their mortgage renewal. If this is the case for you, CIBC will offer you the lowest posted rate within the last 30 days of your mortgage term if you choose a fixed rate mortgage. This way if rates increase you are protected during the mortgage renewal process.

  4. Make the choice that’s right for you. When you’re ready to begin, either call the CIBC Mortgage Servicing Call Centre toll free at 1-888-264-6843 or visit the CIBC branch nearest you.

* Prepayment charge waiver is available for existing 1 to 10 year term CIBC closed mortgages that are early renewal within 120 to 40 days of maturity. Must renew into a closed mortgage with a minimum 3 year term. Additional conditions may apply.


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