When going through the mortgage selection process, payment options, such as frequency and down payment, will most likely be your top priority. Flexibility in your mortgage payment can help you to better budget your finances, plan for the future, and make you feel more comfortable overall with your home purchase.
Your payment frequency options include the ability to pay:
What kind of prepayment options are available?
CIBC offers a variety of mortgages with varying prepayment options that suit the unique needs of different home buyers. You can elect to increase your original mortgage payment amount (principal and interest) by up to 100% on closed mortgages at any time during the term of the mortgage.
Depending on the mortgage product selected, there are various prepayment privileges that are available:
- Closed mortgage: CIBC's closed mortgages allow prepayment privileges of 10-20% of the original mortgage amount each calendar year, without paying a prepayment charge.
- Open mortgage: A mortgage that may be prepaid, in part or in full, during the term without paying a prepayment charge.
Flexible Down Payment Options
If you are a first-time home buyer you can realize your dream of home ownership sooner with flexible down payment options1.
All you need to take advantage of this down payment option is a good credit history. This option is available on all fixed and variable rate mortgages.