Move Your Mortgage to CIBC

Overview and Advice Mortgage Selector Mortgage Payments

Transferring your existing mortgage to CIBC is a simple and convenient process. CIBC makes it straightforward and rewarding with:


Learn more about mortgages:

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Transferring your mortgage to CIBC is simple and convenient. This is how it works.

  • We'll contact your existing financial institution and complete the paperwork for you
  • There are no legal, appraisal or transfer-in fees from CIBC
  • You'll get up to $200 towards your financial institution's transfer-out fee*
  • Choose from a variety of CIBC mortgage products that best meet your needs

* Transferred mortgage must be from a lender approved by CIBC. Prepayment fees and other charges from your existing lender may apply. Additional conditions and restrictions may apply. Ask for details.


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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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

  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.

  2. 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.

  3. 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.

  4. 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.


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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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.

Types of mortgages

  • 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.

Types of mortgage interest rates

  • 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 payment options:

Mortgage payments can be made weekly, bi weekly, semi monthly and monthly.

Borrowing Solutions

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.

Mortgage refinance options

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.


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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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.

Renovations – what renovations add value?

What types of renovations add value to your home?

  • Improving the kitchen
  • Adding or remodeling a bathroom
  • Creating a master bedroom with an en suite bath and/or walk-in closet
  • Adding a family room, especially on the main floor
  • Creating a sun room

What types of renovations are value-neutral to your home?

  • Adding a swimming pool, sauna or hot tub
  • Installing a central vacuum system
  • Reducing the number of bedrooms to fewer than three
  • Installing paving stones in the driveway

Before you renovate

There are lots of things to consider before you renovate your home. Here is a general list to help you plan your next project.

  • Find out if a building permit is required
  • Find out about federal, provincial and municipal government programs that offer subsidies or tax credits for certain renovations
  • Look up the "Information and Referral to Federal Programs and Services" listing in the blue pages of your telephone directory; a simple telephone call could save you dollars on your home renovation
  • Make sure your renovation plans meet municipal/zoning bylaws and fire regulations
  • Carefully research any professionals, trades people or contractors you hire to do the renovation
  • Ask your friends, neighbours and co-workers for recommendations
  • Draw up a contract for any work that is to be done

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