Buying a Second Property

You have three primary mortgage options available to you when buying a cottage or second home.

1. Mortgage refinance

The CIBC Home Power Mortgage®1 option is an ideal way to borrow for your specific needs. All you need is at least 20% equity in your home to get a CIBC Home Power Mortgage refinance working for you.

With the CIBC Home Power Mortgage, you can:

  • Easily budget with a structured payment plan and an assured pay-off date
  • Consolidate your various debt payments into one convenient mortgage payment
  • Access up to 80% of your home's appraised value3

2. Combined borrowing solution

The CIBC Home Power Plan®3 option is a great way to borrow if you want ongoing access to funds at any time. You'll need a minimum approved percentage of equity in your home to get a CIBC Home Power Plan working for you.

With the CIBC Home Power Plan, you can:

  • Use the equity in your home to access a higher credit limit on your line of credit, and at a lower interest rate
  • Have ongoing access to money with a line of credit and interest-only payment options
  • Have more money available to you on your line of credit as you pay down your mortgage4
  • Have the option of having just a line of credit or combining it with a mortgage to enjoy the benefits of both a variable and fixed rate within your total available credit limit

3. Apply for a new mortgage

Instead of using the existing equity in your home you may want to consider applying for a new mortgage on the second property.

Speak to your CIBC Mortgage Representative to see what borrowing solution is right for you.

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