Mortgage Offer
† Offer available for mortgage loans for first-time home buyers, mortgage loans for new purchase, or mortgage loans that are transferred to CIBC from another financial institution. Mortgage loans must be funded within 120 days of application date.
Mortgage loan must have a principal amount of $100,000 or more, and be either a CIBC Fixed-Rate Closed Mortgage loan with a term of 4 years or more, or a 5-year CIBC Variable Flex Mortgage loan. A personal CIBC chequing account is required to make pre-authorized mortgage payments. Qualifying clients will receive:
- $3,000 on a mortgage loan amount of $750,000 or more;
- $2,000 on a mortgage loan of $500,000 to $749,999;
- $1,200 on a mortgage loan of $300,000 to $499,999;
- $1,000 on a mortgage loan of $100,000 to $299,999.
Cash back will be deposited in the personal CIBC chequing account 6 to 8 weeks after funding.
Other conditions and restrictions apply. Ask us for details. Offer ends July 5, 2022. Offer subject to credit approval and may be changed or withdrawn at any time, without notice.
If you have an eligible high ratio mortgage, you may also qualify for a special low rate. Talk to us to find out how.
If your down payment is less than 20% of the property value, your mortgage is high-ratio.
‡,◇ Special offers apply only to new mortgages of owner-occupied properties with an amortization of 25 years or less. Annual Percentage Rate (APR) is based on a new $275,000 mortgage for the applicable term and a 25-year amortization assuming a Property Valuation Fee of $300. Rates shown for the applicable term are CIBC’s special discounted rates and are not posted rates of CIBC. Offer may be changed, withdrawn or extended at any time, without notice.
APR means the cost of borrowing for a loan expressed as an interest rate. It includes all interest and non-interest charges associated with the mortgage. If there are no non-interest charges, the annual interest rate and APR will be the same.
Creditor Insurance Premium Refund Offer
1 If you meet the terms of the special offer both the Basic and the Max Bundle (as set out in the chart below) provide a one-time partial refund of Creditor Insurance premiums under the Mortgage Loan. This partial refund represents a reduction of the amount of premium payable under the Certificate.
The special offer applies to the Creditor Insurance qualifying bundles that are described in the chart below (i.e., the Basic and Max Bundles). The Insurance coverage types may be held by one person, or, if there is more than one Insured Person under the same Mortgage Loan, the Insurance can be spread between the different Insured Persons. There is a limit of one premium refund per Mortgage Loan for the entire promotional period even if more than one Insured Person purchases a qualifying bundle.
If the conditions of this special offer are met, and continue to be met on August 31, 2023, CIBC, on behalf of Canada Life, will pay the amount of premium refund detailed in the chart below to the account that is debited for the Mortgage Loan and Insurance premium payments, by October 31, 2023.
The amount of premium refunded will be determined as follows:
(a) The Max Bundle premium refund will apply if three (3) different Insurance coverage types for the Mortgage Loan are in force for the period beginning on August 31, 2022 and ending on August 31, 2023 (the “May 2022 Qualifying Period”);
(b) The Basic Bundle premium refund will apply if two (2) different Insurance coverage types for the Mortgage Loan are in force for the May 2022 Qualifying Period.
(c) If the qualifying bundle type changes during the May 2022 Qualifying Period from the Basic Bundle to Max Bundle, or from the Max Bundle to the Basic Bundle, then the Basic Bundle premium refund will apply.
No premium refund will be paid if an Insurance benefit has been approved or paid under the Mortgage Loan on or prior to August 31, 2023. Any coverage approved under prior coverage recognition is excluded from this special offer. CIBC may modify, extend, or withdraw the special offer at any time without prior notice to you.
Who is eligible for the special offer
In addition to meeting the eligibility conditions in the Certificate under the heading “Who can Apply”:
- You must be a Canadian resident;
- the application for your CIBC Mortgage Loan must be dated between March 1, 2022 and May 31, 2022;
- CIBC must fund your Mortgage Loan by August 31, 2022;
- the outstanding principal balance of the Mortgage Loan on the date you apply for Creditor Insurance and at the time your Mortgage Loan is funded must be at least $100,000;
- your Mortgage Loan must not be refinanced during May 2022 qualifying period; and
- You must apply for and Canada Life must approve your application for coverage for the Basic Bundle or the Max Bundle (as outlined in the chart below) at the time your Mortgage Loan is:
- funded;
- refinanced (excluding Mortgage Loans approved for rate exception related to existing Insurance coverage); or
- transferred to CIBC from another financial institution;
and in any case, by August 31, 2022.
Premium Refund:
Bundle |
Eligible Coverage Types |
Special Offer One-time Premium Refund Amount |
If your Mortgage Loan at time of funding is at least $100,000 and up to $299,999 |
If your Mortgage Loan at time of funding is at least $300,000 and up to $499,999 |
If your Mortgage Loan at time of funding is at least $500,000 or more |
Basic Bundle |
Canada Life approved two (2) of the following coverages under the Mortgage Loan:
- Life Insurance;
- Critical Illness Insurance; and
- Disability Insurance or Disability Insurance Plus (as applicable).
|
$150 |
$400 |
$800 |
Max Bundle |
Canada Life approved three (3) of the following coverages for your Mortgage Loan:
- Life Insurance;
- Critical Illness Insurance; and
- Disability Insurance or Disability Insurance Plus (as applicable).
|
$250 |
$700 |
$1,000 |
2 Creditor Insurance for CIBC Mortgages is optional creditor’s group insurance underwritten by The Canada Life Assurance Company and administered by Canada Life and CIBC. For more information on Creditor Insurance on CIBC Mortgages, you may contact the CIBC Creditor Insurance Helpline at 1-800-465-6020 Opens your phone app.. You may also contact The Canada Life Assurance Company at 1-800-387-4495 Opens your phone app. or by visiting Canada Life Opens in a new window.. These insurance products are subject to eligibility conditions, limitations and exclusions (which are circumstances when benefits are limited or not paid) which may be viewed at cibc.com and are described in the Certificate(s) of Insurance you receive upon enrolment. This is a general description only. Products and their features may change at any time.
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