Switch your mortgage

Our digital switch tool is an easy and convenient way for clients with a mortgage at another financial institution to receive an estimate of their mortgage payments with our limited-time special rate. This tool gives you give a good idea of what your mortgage payments will be if you’re approved to switch your mortgage, which you can customize as needed. For example, you can also find out what your payments will be if you want to pay off your mortgage sooner.

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Take advantage of our limited-time special rate and get a personalized mortgage estimate in just a few easy steps. Use our digital switch tool today to get started. This tool will you give a good idea of what your mortgage payments will be, which you can customize as needed. For example, you can find out what your payments will be if you want to pay off your mortgage sooner. All you need to do is provide your basic information, income and debt, property or mortgage details, along with your credit information. This credit check uses your credit information to display your external mortgages, loans, and lines of credit. It is not a credit application and will not affect your credit score.

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Absolutely. We recommend you to start by using our digital switch tool to discover what your mortgage payments would be with our limited-time special rate. This process will give you an estimate of your future payments, and outlines the terms and conditions for switching your mortgage to CIBC. Once you complete this online process, a dedicated CIBC Mortgage Advisor will reach out to guide you through the next steps. Together, you can discuss mortgage options that suit your financial needs. For example, your advisor can help you access your home’s equity for renovations or other goals.

It's a good idea to start thinking about the mortgage switch process early, even 6 to 8 months before your current mortgage is up for renewal. You can always connect with us at any time, and we'll help you explore options. For example, when your mortgage is coming up for renewal, use the digital switch tool    to shop around for better rates, terms and conditions for your mortgage.

All you need to do is provide some basic personal, income and property or mortgage details with a consent for your credit bureau. This will be a soft credit pull and won't impact your credit score. We'll leverage your credit to populate your external mortgages, loans and lines of credit. You can choose the mortgages and other related loans and lines that would like to consolidate as you switch to CIBC. No documents are required at this stage.

You’ll receive an estimate for the total mortgage amount that you’re eligible to switch to CIBC.  You’ll get information about your amortization (time to pay off your mortgage), payments amounts and payment frequency (monthly, weekly, bi-weekly). Using the online interface, you’ll be able to customize the amortization and payment frequency to get different payment options. You’ll also be connected to a dedicated CIBC Mortgage Advisor who will reach out to guide you through the next steps and make the switch as smooth as possible. will be provided to you. Their contact details and all the necessary details will also be emailed to you for future reference.

Applicants who use this tool will receive a limited-time special rate offer. This special rate is generally lower than the advertised rate on our website and is available to those who use this tool successfully and begin an application within 5 days of completing the digital switch application.

In many cases, there are no fees when switching your mortgage to a new lender at renewal. When you move your mortgage to CIBC without changing any of the existing mortgage terms, we won't charge you any legal or setup fees.

Many homeowners choose to refinance their mortgage when they switch lenders in order to unlock some of the equity they've saved in their home. When refinancing, you'll need to consider additional fees such as legal and appraisal fees.

Keep in mind, if you decide to switch lenders before your mortgage term is up, your current lender may charge you fees and prepayment penalties for discharging your mortgage early.

Find the mortgage option that suits your needs by speaking with an advisor. They'll discuss the fees or costs associated with your choice and answer any questions.

Switching your mortgage to CIBC is easy and hassle-free, but it may take longer than renewing with your current lender.

Once you've spoken with an advisor and chosen a mortgage option that's right for you, allow 4 to 6 weeks for us to complete the transfer. We'll contact your current lender, discharge your mortgage and register a new mortgage in your name with CIBC.

Yes, as part of the switching process, you can apply to refinance or take out equity from your home.

Plus, when you switch you have the opportunity to adjust your mortgage terms, such as the interest rate, loan term or type of mortgage to better suit your financial goals.

You can also explore extending your amortization when you switch and refinance, which may help reduce the amount of your regular mortgage payment.

Choosing between a fixed or variable mortgage rate depends on your financial situation and tolerance for risk.

If you want your interest rate to remain the same over the term of your mortgage, a fixed-rate mortgage may be your best option. Additionally, with a fixed-rate mortgage, you'll be protected against rate increases during your term. Learn more about fixed-rate mortgages.

Alternatively, consider a variable-rate mortgage. While your regular payment will remain constant, your interest rate may change based on CIBC Prime rate fluctuations. This impacts the amount of principal you pay off each month. When rates on variable interest rate mortgages decrease, more of your regular payment is applied to your principal. Learn more about variable-rate mortgages.

It's always a good idea to consult with your advisor to explore the best options for you.

We offer a variety of options to help your mortgage payment fit your lifestyle and goals.

Choose the frequency of your mortgage payments:

• Weekly
• Biweekly
• Semi-monthly
• Monthly

Want to be mortgage-free faster without incurring any additional fees? You've got options:

• Make an additional lump sum payment of up to 10% of your mortgage balance per year for fixed-rate mortgages or up to 20% per year for variable-rate mortgages.
• You can also increase your regularly-scheduled payment amounts up to 100%.

In both cases, your extra payments go directly to paying down your principal. Learn more about paying off your mortgage faster.

The federal mortgage stress test is a regulatory measure in Canada that gauges your ability to pay your mortgage if your interest rate or payment amount ever increased.

The test requires you to qualify for whichever rate is higher: either a Mortgage Qualifying Rate (MQR) of 5.25% or your actual contract rate at the time of switch plus 2.0%.

If you're switching your mortgage from one federally-regulated financial institution to another without increasing the loan amount3  or changing the amortization, you won't need to go through the mortgage stress test. Instead, you'll only need to qualify at the new rate offered to you (the contract rate).