The information in this article is general only; it is not intended as specific investment, financial, accounting, legal or tax advice for any individual.
Use Your Home Equity to Secure a Lower Interest Rate and Save
CIBC lending criteria apply.
1 Less what you currently owe on your home, or other encumbrances. Additional conditions and restrictions apply.
2 CIBC Home Power Plan is not available in Nunavut. Minimum borrowing amount is $10,000. Minimum equity in your home is required to qualify for the CIBC Home Power Plan. Additional conditions and restrictions apply. Ask for details.
®/TM Trademarks of CIBC.
Pay Your Mortgage Down Faster
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.