CIBC Variable Flex Mortgage™
This mortgage offers you a low variable interest rate over a 5-year term. The CIBC Variable Flex Mortgage also offers you the flexibility of annual prepayments of up to 20% without paying a prepayment charge*, and the option of converting into a fixed rate closed mortgage term of 3 years or more at any time.
Is it for you?
The CIBC Variable Flex Mortgage could be for you, if:
- You are looking to enjoy the potential savings of a variable mortgage
- You are looking to be mortgage free faster by taking advantage of the higher prepayment benefits
- The amount of your mortgage is 95% or less than the appraised value of your home
- You believe that interest rates will remain stable with temporary variations
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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. |
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| Term | 5-year closed | |
| Interest rate | See all CIBC mortgage rates | |
| Make additional payments | Prepay up to 20% of your original mortgage amount annually. | |
| Increase your payment amount | Your original mortgage payments (principal and interest) can be increased by up to 100% anytime during the term†. The extra payment amount is applied directly to the principal, reducing overall interest costs. | |
| Payment frequency options | Weekly, bi-weekly, semi-monthly or monthly | |
| 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 | |
| No need to shop around or make separate arrangements for insurance | Optional CIBC Mortgage Life Insurance provides coverage for the outstanding balance of your mortgage, up to $750,000. | |
Trademarks and Disclaimers
™ Trademark of CIBC.
Products and their features may change at any time. This is a general description only. For more information and product terms and conditions, consult product brochures or call 1-866-525-8622.
† Remaining amortization period must be 5 years or more.
1 Available on owner-occupied residences only. Additional insurance premium applies; ask for details.
* Non-cumulative and does not apply if you prepay in full.
Copyright® 2008 Canadian Imperial Bank of Commerce. All rights reserved.