‡ The Annual Percentage Rate (APR) is based on a new $275,000 mortgage for the applicable term and a 25-year amortization assuming a Property Valuation Fee of $300.
APR means the cost of borrowing for a loan expressed as an interest rate. It includes all interest and non-interest charges associated with the mortgage. If there are no non-interest charges, the annual interest rate and APR will be the same.
1 CIBC Prime is the variable rate of interest per year declared from time to time to be the prime rate for Canadian dollar loans made by CIBC in Canada. CIBC Prime rate was RDS%rate.PRIME.Published(null,null,null,null)(#O2#)% on RDS%SYSTEM_DATE(#M# #d#, #Y#)%. The interest rate on the line of credit component of your CIBC Home Power Plan will change whenever CIBC Prime varies.
On July 19, 2021, your rate will revert to the ongoing interest rate stipulated in your CIBC Home Power Plan Line of Credit and Mortgage Loan Terms and your CIBC Line of Credit Statement of Disclosure. Apply for a new CIBC Home Power Plan by February 26, 2021 and open the line of credit component by May 3, 2021; this is subject to credit approval. This offer is only available to applicants that do not hold a CIBC Home Power Plan at the time of application, unless the CIBC Home Power Plan to which this offer applies is not secured by the same property securing the applicant’s existing CIBC Home Power Plan or Home Power Line of Credit. A $300 property valuation fee applies. Other conditions apply. Offer ends on February 26, 2021. CIBC may change or cancel this offer at any time without notice.
CIBC Home Power Plan is offered by CIBC. All CIBC Home Power Plan applicants must meet CIBC’s lending criteria. Minimum borrowing amount is $10,000. Minimum equity in your home is required to qualify. Available on residential properties only. Some conditions and restrictions apply.
Automatic rebalancing of the line of credit component of your CIBC Home Power Plan may take up to 60 days and is subject to your maximum Personal Line of Credit rebalancing limit, as such term is defined in your CIBC Home Power Plan Agreement. The credit limit on the line of credit component of your CIBC Home Power Plan can't exceed an approved percentage of the value of the property held as security for your CIBC Home Power Plan at time of application.