CIBC Variable-Rate Open Mortgage

This mortgage lets you take full advantage of changing interest rates.

With this mortgage, the interest rate changes whenever CIBC Prime* rate changes, but your mortgage payments stay the same. It's the ratio of interest to principal that changes. If rates drop, more of your payment goes to principal, and if rates rise, more of your payment goes to interest.

The first step is to get pre-approved.

If you already have a signed offer to purchase a property, you're ready to apply for a mortgage online, call Telephone Banking at 1-866-525-8622, or visit one of our branches.

Term	5-year open
Interest rate	variable rate for term
Make additional payments	Fully open - you can repay up to 100% of the mortgage.
Amortization Period	You now have the option of taking up to 35 years to pay off your mortgage, which can improve your cash flow.1

Is it for you?

The CIBC Variable-Rate Open Mortgage could be for you if any of the following apply:

you think interest rates are going to stay the same or drop and you want to take advantage of that
you are comfortable with interest rate changes
you can accept a higher rate should rates increase
you have at least 5% for a downpayment

Useful information

minimum mortgage amount is $10,000
option to take advantage of current interest rates by converting to a Closed, Fixed-Rate Mortgage

Trademarks and Disclaimers

Mortgages are offered by CIBC Mortgages Inc. All applicants must meet CIBC lending criteria. Available on single-family, owner-occupied residential properties only. Some conditions and restrictions apply. Products and their features may change at any time. This is a general description only. For more information call 1-866-525-8622.

* CIBC Prime is the variable rate of interest per year declared from time to time to be the prime rate for Canadian dollar loans made by CIBC in Canada. The interest rate on your CIBC Variable-Rate Open Mortgage will change whenever CIBC Prime varies.

1 Available on owner-occupied residences only. Additional insurance premium applies; ask for details.

+ CIBC Mortgage Life Insurance is underwritten by The Canada Life Assurance Company. A detailed summary of the terms, conditions, limitations, exclusions and other provisions are contained in your Certificate of Insurance, which you receive upon enrolment.

Mortgage rate

Term
5 years

APR
%

as of

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Find out how much you can afford and secure a mortgage interest rate by applying for a pre-approval certificate. Apply for a pre-approval.

Protect one of your most important financial assets. Get affordable protection with CIBC Mortgage Life Insurance and rest easy knowing that your family's home is protected up to a maximum of $750,000 of your mortgage.