Use Your Home Equity to Secure a Lower Interest Rate and Save

With a CIBC Home Power Mortgage® or CIBC Home Power Plan®, you can secure a lower interest rate. With two great borrowing options available, you can select the one that best suits you and use the funds for home renovations, vacations, investments - or anything else you may want.
 

1. Mortgage refinance

The CIBC Home Power Mortgage option is an ideal way to borrow for your specific needs, like a new deck or kitchen.


You can:

  • Easily budget with a structured payment plan and an assured pay-off date
  • Add the payments to your current mortgage amount for your convenience
  • Access up to 80% of your home's appraised value1

All you need is at least 20% equity in your home to get a CIBC Home Power mortgage refinance working for you.
 

2. Combined borrowing solution

The CIBC Home Power Plan2 option is a great way to borrow if you want to consolidate all of your personal credit under one simple, low-interest and secured borrowing solution.


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 mortgage3
  • 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

The minimum borrowing amount for both the CIBC Home Power Mortgage and the CIBC Home Power Plan is $10,000. For the CIBC Home Power Mortgage you can access as much as 80% of the value of your home and for a CIBC Home Power Plan you can access an approved percentage of the value of your home.


Home equity is the current market value of your home, minus any outstanding debt registered against your property, like your mortgage balance.

Here's an example of what's available if you have a $50,000 mortgage, no other encumbrances on the property, and you want a CIBC Home Power Mortgage to borrow up to 80% on a home appraised at $200,000:

80% of the value of your home:

$160,000

Less the outstanding mortgage:

$50,000

Funds available to be borrowed:

$110,000