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Your CIBC Farm Mortgage Loan1 helps you grow your farm business.
For example, you can use your CIBC Farm Mortgage Loan to finance the purchase of land & buildings, construction or major renovations of farm buildings, and to restructure farm loans.
Visit a CIBC branch or contact an Agriculture Banking Specialist.
You can select either a fixed or variable interest rate option, whichever, best suits your specific financial needs.
The variable interest rate option is based on CIBC's Prime Lending Rate3, which fluctuates from time to time.
The fixed interest rate option allows you to firmly establish your repayment costs for the term you select.
Variable Rate: You can pay the principal in monthly, quarterly, semi-annual or annual installments, depending on your cash flow. Generally, interest rates are considered an operating cost, and are paid monthly. Pre-payments can be made at any time and any amount without penalty on your variable rate Farm Mortgage Loan.
Fixed Rate: Repayment may be arranged on a "principal plus interest" basis or on a blended "principal and interest" basis. Payments can be made monthly, quarterly, semi-annually or annually, depending on your cash flow. Unless the payment is "blended", interest costs will generally be paid monthly. You have the added benefit of making prepayments on your fixed rate Farm Mortgage Loan up to 10% of the original amount of your CIBC Farm Mortgage Loan on any anniversary of your loan.
To apply or get more information about CIBC Farm Loans contact a CIBC Agriculture Banking Specialist, or visit a CIBC branch.
1 Subject to credit approval. Some conditions and restrictions apply.
2 Creditor insurance is subject to limitations and exclusions set out in the insurance certificate provided on enrolment and is underwritten by Desjardins Financial Security Life Assurance Company
3 Prime Rate is the variable reference rate of interest per year declared by CIBC from time to time to be its prime rate for Canadian dollar loans made by CIBC in Canada.
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