To qualify for most CIBC mortgages, you and your property need to meet a few requirements.
You need to have:
- Documents that confirm your income and employment
- A certain amount of equity in your property
- Enough income to make your regular mortgage payments
- If you're buying a home, a minimum 5% down payment
The property should be:
- Located in a built-up area with municipal services like water, sewer and hydro
- Structurally sound with good plumbing, central heating and wiring that meets municipal standards
You might need a guarantor if you can't meet all the lending criteria on your own. Also, the minimum mortgage amount is $10,000.
CIBC mortgages are available across Canada on new or existing properties ranging from detached single-family homes to 4-unit dwellings or individual condo units. You can use a CIBC mortgage to buy a property, transfer a mortgage from another financial institution, and for mortgage renewal, refinancing and assumption. Conditions apply to each.
Find out how much mortgage you can afford with our mortgage affordability calculator.