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If you've received your renewal agreement, or if you're just thinking ahead to your next opportunity to renew your mortgage, there are many options you may want to consider. Start with:
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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.
Start early. Did you know that you can renew your mortgage as early as 150 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.
Consult a CIBC mortgage representative. They’ll make sure you have the latest product and mortgage information to help you make a final decision.
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.
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.
A mortgage is a big commitment. Most mortgages are paid over 25 years but we have some tips to help you pay yours off faster. Reducing the number of years you make mortgage payments can add up to big savings.
There are several ways to “pay down” your mortgage and get out of debt faster.1
You can increase your payment amount when you arrange your mortgage, or at any time during the term. This allows you to pay down your principal faster.
For example, if you increased your mortgage payment amount by $170 from $830 to $1,000 you could save almost $48,000 in interest over the entire amortization period of your mortgage. You could also own your home about 8 years earlier.
You can make payments more frequently which saves you money in interest charges over the long run as it allows you to pay down your principal faster.
For example if you made accelerated bi-weekly payments of $415 instead of monthly payments of $830, you could save almost $27,000 in interest over the entire amortization period of your mortgage. This would allow you to own your home about 4.5 years sooner.
You use your pre-payment privilege to make a lump sum payment. A lump-sum payment is applied directly to your outstanding principal if there is no outstanding interest owing. This saves you money over the course of your mortgage.2
For example, if you made a $1,000 lump-sum payment, you could save almost $28,350 in interest over the entire amortization period of your mortgage. This would allow you to own your home about 4 years sooner.
You can pay as much as possible at renewal. All CIBC Mortgages become open at renewal. This means you can pay as much as you want on your mortgage before you renew.
For example, if you chose 5-year, fixed-rate terms, and made a $10,000 lump-sum payment every time your mortgage came up for renewal, you would save about $37,481 in interest over the entire amortization period of your mortgage, allowing you to own your home about 6 years sooner.
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1 For illustration purposes only. Payment option scenarios assume a 5-year closed, fixed-rate mortgage of $120,000 with a 25-year amortization and a constant annual interest rate of 6.85% over the entire life of your mortgage compounded semi-annually, monthly payments of $830 and assumes no additional payments. Actual rates will vary, which will affect your payment amount, your mortgage payout date and the amount you could save.
2 Payment options are subject to the terms and conditions of your mortgage. In some cases, making a prepayment on your mortgage or paying off your mortgage early can lead to a prepayment charge, depending on the type of mortgage you have. Prepayment charges may also apply if you renew early or refinance your mortgage. Please contact us in advance to discuss all your options.
Renovating a home can improve the value of the property and the quality of your life. Whether it's an addition to the house or just a face-lift for a room, you'll need to secure your finances to give yourself a budget to work with.
Use the power of your home equity to secure a lower interest rate and help finance your renovation.
What types of renovations add value to your home?
What types of renovations are value-neutral to your home?
There are lots of things to consider before you renovate your home. Here is a general list to help you plan your next project.
Mortgages are big investments that require financial stability and dedication. Start the process on the right foot by familiarizing yourself with different types of mortgages and rates, and learn helpful facts that will prepare you to be a responsible home buyer.
Closed mortgages: Closed mortgages have prepayment options of up to 20% of the original mortgage amount. If you decide to pay out, renegotiate or refinance before the end of the term of a closed mortgage, prepayment costs will be applied.
Open mortgages: An open mortgage can be repaid at any time throughout the term, either in full or partially without any prepayment costs. Provides flexibility until you are ready to lock into a closed term.
Convertible mortgages: A convertible mortgage is similar to a closed mortgage, but gives you the option of converting to a longer, closed mortgage at any time without prepayment costs. . With this option you can make an annual prepayment up to 10% of the original mortgage amount.
Fixed rate mortgages: A fixed interest rate remains the same throughout the entire term. This option allows your payment to remain constant so you know exactly how much you will pay every month and what amount you will have paid off at the end of the term. Learn more about fixed mortgage rates.
Variable rate mortgages: A variable interest rate will fluctuate with the CIBC Prime rate throughout the mortgage term. This impacts the amount of principal that you pay off each month as your mortgage payment will remain constant. Learn more about variable rate mortgages.
Mortgage payments can be made weekly, bi weekly, semi monthly and monthly.
With a CIBC Home Power Plan you can include a CIBC line of credit or combine a line of credit and a mortgage, in order to consolidate all of your personal credit under one simple, low-interest and secured borrowing solution, which can be adjusted to meet your changing needs.
A mortgage refinance option, known at CIBC as a CIBC Home Power Mortgage™, allows you to borrow additional money on your mortgage, so you can afford the things you've always wanted. For a low price, it can save you money and help you consolidate your debt into one convenient payment.
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