Switch your mortgage

In many cases, there are no fees when switching your mortgage to a new lender at renewal. When you move your mortgage to CIBC without changing any of the existing mortgage terms, we won't charge you any legal or setup fees.

Many homeowners choose to refinance their mortgage when they switch lenders in order to unlock some of the equity they've saved in their home. When refinancing, you'll need to consider additional fees such as legal and appraisal fees.

Keep in mind, if you decide to switch lenders before your mortgage term is up, your current lender may charge you fees and prepayment penalties for discharging your mortgage early.

Find the mortgage option that suits your needs by speaking with an advisor. They'll discuss the fees or costs associated with your choice and answer any questions.

It's a good idea to start thinking about the mortgage switch process early, even 6 to 8 months before your current mortgage is up for renewal. Of course, you can also connect with us at any time; we'll help you explore your options.

Switching your mortgage to CIBC is easy and hassle-free, but it may take longer than renewing with your current lender.

Once you've spoken with an advisor and chosen a mortgage option that's right for you, allow 4 to 6 weeks for us to complete the transfer. We'll contact your current lender, discharge your mortgage and register a new mortgage in your name with CIBC.

Yes, as part of the switching process, you can apply to refinance or take out equity from your home.

Plus, when you switch you have the opportunity to adjust your mortgage terms, such as the interest rate, loan term or type of mortgage to better suit your financial goals.

You can also explore extending your amortization when you switch and refinance, which may help reduce the amount of your regular mortgage payment.

Choosing between a fixed or variable mortgage rate depends on your financial situation and tolerance for risk.

If you want your interest rate to remain the same over the term of your mortgage, a fixed-rate mortgage may be your best option. Additionally, with a fixed-rate mortgage, you'll be protected against rate increases during your term. Learn more about fixed-rate mortgages.

Alternatively, consider a variable-rate mortgage. While your regular payment will remain constant, your interest rate may change based on CIBC Prime rate fluctuations. This impacts the amount of principal you pay off each month. When rates on variable interest rate mortgages decrease, more of your regular payment is applied to your principal. Learn more about variable-rate mortgages.

It's always a good idea to consult with your advisor to explore the best options for you.

We offer a variety of options to help your mortgage payment fit your lifestyle and goals.

Choose the frequency of your mortgage payments:

• Weekly
• Biweekly
• Semi-monthly
• Monthly

Want to be mortgage-free faster without incurring any additional fees? You've got options:

• Make an additional lump sum payment of up to 10% of your mortgage balance per year for fixed-rate mortgages or up to 20% per year for variable-rate mortgages.
• You can also increase your regularly-scheduled payment amounts up to 100%.

In both cases, your extra payments go directly to paying down your principal. Learn more about paying off your mortgage faster.

The federal mortgage stress test is a regulatory measure in Canada that gauges your ability to pay your mortgage if your interest rate or payment amount ever increased.

The test requires you to qualify for whichever rate is higher: either a Mortgage Qualifying Rate (MQR) of 5.25% or your actual contract rate at the time of switch plus 2.0%.

The stress test is applied when you switch an uninsured mortgage to CIBC from another financial institution, but it's not applied when switching an insured mortgage.