* 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.
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.