Mortgage FAQ

Mortgage Amortization period is the length of time it takes to pay off a mortgage, including interest. The maximum amortization period may be 25 or 30 years, depending on the mortgage details. For anyone buying a newly-constructed home, or for first-time homebuyers of a new or existing home, the maximum amortization for an insured mortgage is 30 years. In other cases, the maximum amortization is 25 years. Mortgages with down payments under 20% are considered insured and require default insurance.

Mortgage term is how long you commit to your mortgage rate, details and conditions with a lender. When a term ends, you pay off the mortgage or renew it for another term, if your lender agrees.. Terms range from 6 months to 10 years.

Get a claim form at a CIBC Banking Centre, by calling the CIBC Creditor Insurance Helpline at 1-800-465-6020Opens your phone app. or at Creditor Insurance for CIBC Borrowing Solutions.

Optional Creditor Insurance for CIBC Mortgages provides protection in the event of death, critical illness, job loss or disability.

In the event of death, help protect your home with Mortgage Life Insurance for CIBC mortgages. Your CIBC mortgage balance is reduced or paid off up to $750,000. Learn more

In the event of critical illness, such as stroke, heart attack or cancer, Mortgage Critical Illness Insurance for CIBC mortgages reduces or pays off your mortgage balance up to $500,000. Learn more

In the event of disability, Mortgage Disability Insurance can pay up to $3,000 per month towards your CIBC mortgage payment for up to 24 months to a maximum of $150,000 per incident of disability. Learn more

If you lose your job through no fault of your own, Mortgage Disability Insurance Plus can pay up to $3,000 per month towards your CIBC mortgage payment for up to 6 months to a maximum of $50,000 for each incident of job loss. Learn more

You can cancel mortgage life insurance, mortgage critical illness insurance, mortgage disability insurance or mortgage disability insurance plus (disability and job loss insurance) at any time. Complete a cancellation form in a banking centre, submit your request in writing or call the CIBC Creditor Insurance Helpline at 1-800-465-6020Opens your phone app..

No, a HELOC is not the same as a mortgage loan. With a mortgage loan, you receive funds on a certain date and pay them back according to your mortgage agreement. A HELOC is a line of credit that lets you access up to 65% of your home's appraised value. You use the funds you need and pay them back. Both a HELOC and a mortgage loan are secured by a registered charge on the title to your property. Learn how to consolidate your debt into a mortgage.

Yes, you can access your home equity to renovate even if you've done this before. You need a current appraisal of your home to find out how much equity you have. Then complete a new home equity line of credit application using your new value. Your lender determines if you qualify for the increased borrowing amount.

Learn about the CIBC Home Power Plan Borrowing Solution.

Yes, CIBC offers farm or agricultural mortgages. For more information, go to CIBC farm mortgage loans, visit a banking centreOpens a new window in your browser.  or book a meetingOpens a new window in your browser. .

You usually arrange a mortgage before house construction. But if you start construction and need financing, you may still be approved for a mortgage. For more information, visit a banking centreOpens a new window in your browser.  or book a meetingOpens a new window in your browser. .

For information about CIBC mortgages and related products, go to CIBC mortgages.

Yes, CIBC has several online tools and calculators to help you with the mortgage process:

• Home equity calculator
• Mortgage affordability calculator
• Mortgage payment calculator
• Mortgage prepayment calculator
• Rent vs. own calculator

For more information about CIBC mortgages and related products, go to CIBC mortgages.

To qualify for most CIBC mortgages, you and your property need to meet a few requirements.

You need to have:

• Documents that confirm your income and employment
• A certain amount of equity in your property
• Enough income to make your regular mortgage payments
• If you're buying a home, a minimum 5% down payment

The property should be:

• Located in a built-up area with municipal services like water, sewer and hydro
• Structurally sound with good plumbing, central heating and wiring that meets municipal standards

You might need a guarantor if you can't meet all the lending criteria on your own. Also, the minimum mortgage amount is $10,000.

CIBC mortgages are available across Canada on new or existing properties ranging from detached single-family homes to 4-unit dwellings or individual condo units. You can use a CIBC mortgage to buy a property, transfer a mortgage from another financial institution, and for mortgage renewal, refinancing and assumption. Conditions apply to each.

Find out how much mortgage you can afford with our mortgage affordability calculator.

Search for a Mortgage Advisor online. Enter your city, province or postal code, then select your language. Choose an advisor from the search results, then review the profile, send an email or request a phone call. Find a Mobile Mortgage Advisor Opens in a new window..

If you don't hear back from your Mortgage Advisor, call us at 1-800-669-5921Opens your phone app. and choose option 1.

To start your mortgage application, fill out the mortgage application and mortgage pre-approval form Opens a new window.. A Mortgage Advisor will get in touch with you within 3 business days, discuss next steps and book a meeting at a banking centre, or at your home or office. For more information or to apply by phone, call us at 1-866-525-8622 Opens your phone app. or find a branch Opens a new window..

Like standard mortgages, the CIBC Home Power Mortgage lets you borrow up to 80% of your home's appraised value. The CIBC Home Power Mortgage also offers competitive interest rates and gives you a payoff date. The minimum mortgage amount is $10,000, but there's no minimum if you transfer from another lender.

Learn more about the CIBC Home Power Mortgage.

The CIBC Home Power Plan line of credit is a variable-rate personal line of credit. You can borrow up to 65% of your home's appraised value and use as much or as little of the approved amount. A line of credit is flexible and always available to you. You can make principal and interest payments or interest-only payments. The minimum line of credit amount is $10,000. You may qualify for a mortgage loan as well as a line of credit under your CIBC Home Power Plan.

Learn more about the CIBC Home Power Plan Borrowing Solution.

With mortgage assumption, you take over, or assume, the seller's mortgage on the purchased property. You accept full responsibility to pay the mortgage according to the existing mortgage terms. You need the lender's approval before you can assume the seller's mortgage.

As the buyer, mortgage assumption may be a good option for you if interest rates are higher than the existing mortgage on the closing date.

Mortgage assumption may be a good option for the seller if they're selling their home before the mortgage maturity date and not getting a mortgage on a new property. Mortgage assumption helps the seller avoid prepayment charges. For more information, visit a banking centreOpens a new window in your browser.  or book a meetingOpens a new window in your browser. .

Yes, we do. And you may not need a Canadian credit history either. If you received permanent residence status within the last 5 years, you could qualify for our newcomer mortgage package. For more information, go to buying a home in Canada.

To find out if you qualify for a temporary foreign worker mortgage, go to buying a home in Canada. For more information, visit a banking centreOpens a new window in your browser.  or book a meeting Opens a new window in your browser..

Access your home equity with a mortgage or line of credit. Find out how much you may qualify for with our home equity calculator. For more information, call us at 1-866-525-8622Opens your phone app. or find a branchOpens a new window in your browser. .

Learn about the CIBC Home Power Mortgage, CIBC Home Power Plan Borrowing Solution and the CIBC Home Power Plan Line of Credit.

If you have all your paperwork in order, you can complete a mortgage application and go through the approval process in just a few days. Learn how to finalize your mortgage. To apply by phone, call us at 1-866-525-8622Opens your phone app..

Yes. There are also eligibility conditions, such as health, age and employment, that your CIBC advisor will review with you. Learn more about eligibility for life, disability, job loss or critical illness.

Creditor insurance coverage could help pay off all or a portion of your mortgage, up to $750,000, in the event of death or covered critical illness. It could also help with monthly mortgage payments, up to $3,000, in cases of disability or job loss. Learn more

If you use CIBC Online Banking^® or CIBC Mobile Banking^®:

• Sign on with your login credentials
• From the menu, choose "Customer Services"
• Under Account Services, Mortgages and Loans, select "Change mortgage payment details"
• Fill out the "Change mortgage payment amount" form

If you don't use CIBC online or mobile banking:

• Use your CIBC debit or credit card to register for online or mobile banking, or
• Call us at 1-888-264-6843Opens your phone app.

Your mortgage agreement outlines what changes you can make to your regular payment amount. We'll review your request with you before we make any changes.

Each mortgage has its own prepayment terms. A Mortgage Advisor can help you choose a mortgage with prepayment privileges that work for you. To find out about our different prepayment privileges, call us at 1-888-264-6843Opens your phone app. or find a branchOpens a new window in your browser. . Learn more about mortgage prepayment.

If you use CIBC Online Banking or CIBC Mobile Banking:

• Sign on using your login credentials
• From the menu, choose "Customer Services"
• Under Account Services, Mortgages and Loans, select "Make a mortgage prepayment"
• Fill in the "Mortgage prepayment" form

If you don't use CIBC online or mobile banking:

• Use your CIBC debit or credit card to register for online or mobile banking, or
• Call us at 1-888-264-6843Opens your phone app.

Your mortgage agreement outlines your mortgage prepayment privileges. We'll review your request with you before we make any changes.

Refer to your mortgage agreement. It sets out if you need to pay a prepayment charge, and how it's calculated. You'll pay the prepayment charge plus the principal and interest owing the day you pay off the mortgage. Estimate your prepayment charge with our mortgage prepayment charge calculator. For more information, call us at 1-888-264-6843Opens your phone app..

If you pay all or part of your mortgage early, you may have to pay an IRD, a type of prepayment charge. For fixed-rate closed mortgages, prepayment charges are usually 3 months interest or the IRD, whichever is greater.

The IRD is different for other mortgages, including variable-rate mortgages, open mortgages or any mortgage after the fifth year.

Your mortgage agreement explains how it's calculated. For more information, call us at 1-888-264-6843Opens your phone app..

In most cases, you can change your payment frequency. You may have to pay an interest adjustment amount for the period between your last payment and the next one.

Example: If you switch from weekly to monthly payments, depending on the timing, you may owe interest on your first monthly mortgage payment.

To change your payment frequency, call us at 1-888-264-6843Opens your phone app..

Yes, you'll pay less interest if you make accelerated weekly payments. If you make more payments, you'll pay down your principal faster and own your home sooner. The longer you owe money, the more interest you'll pay. Learn how to pay off your mortgage faster. To change your payment frequency, call us at 1-888-264-6843Opens your phone app..

Mortgage payment dates are set when you finalize your mortgage, but you can often change them. For more information, call us at 1-888-264-6843Opens your phone app..

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You could lose your home if you can't afford your mortgage payments. If you think you're going to miss a payment, tell your lender as soon as possible. They'll help you make a plan to keep your mortgage in good standing. If you don’t make arrangements, your mortgage will go into default. Then, your lender could start the process of selling your property to someone else.

The cost of paying off your mortgage early is determined by your mortgage type, prepayment privileges and other factors, such as a cash-back repayment. Your payout includes the outstanding principal, interest, prepayment charges and fees, if applicable. Estimate your prepayment charges with our mortgage prepayment charge calculator. For more information, call us at 1-888-264-6843Opens your phone app..

Speak with your Mortgage Advisor to shorten your amortization period. Estimate how much you can save by changing your amortization period with our mortgage payment calculator.

Premiums are deducted with your monthly mortgage payments.

CIBC does not increase your mortgage payment along with prime rate increases. CIBC will require you to increase your payment:

1. At renewal, if the principal amount of your mortgage has increased due to the addition of deferred interest, CIBC will increase your regular payment amount to the amount required to completely repay your mortgage over the remaining time in the original amortization period, or
2. If the principal amount of your mortgage reaches the Designated Amount set out in your disclosure document.

Yes, CIBC has several easy-to-use tools and calculators to help you with the mortgage process:

• Home equity calculator
• Mortgage affordability calculator
• Mortgage payment calculator
• Mortgage prepayment calculator
• Rent vs. own calculator

We'll help you choose a CIBC mortgage and take care of the rest. We'll contact your existing lender and fill out the paperwork for you. You can switch to CIBC without any legal, appraisal or transfer-in fees¹.

Learn about switching to CIBC

If you use CIBC Online Banking or CIBC Mobile Banking:

• Sign on using your login credentials
• Select your mortgage account from your list of accounts
• From the Account Details screen and the "View" drop-down menu, choose "Mortgage Loan – Annual Summary"
• The summary provides information about your mortgage for the past 2 calendar years (if applicable)

If you don't use CIBC online or mobile banking:

• Use your CIBC debit or credit card to register for online or mobile banking

For more information, call us at 1-888-264-6843Opens your phone app..

For information about an online banking request, call us at 1-800-465-2422Opens your phone app..

For information about our mortgage rates, call us at 1-800-465-2422Opens your phone app. or go to mortgage rates.

Each variable rate mortgage has a different trigger rate, as it is based on your individual mortgage payment. The trigger rate is set out in your mortgage disclosure documents. If you want to know more about your trigger rate, you can contact your CIBC advisor, or call us at 1-888-264-6843 Opens your phone app.

When you sell your current home and buy a new one, you can sometimes transfer (or port) your mortgage to the new property. But not all mortgage terms are portable and conditions apply.

For more information, speak to a Mortgage Advisor or call us at 1-888-264-6843Opens your phone app..

It's time to renew your mortgage when you get a renewal package, about 30 days before your mortgage ends. The package includes mortgage product offers, terms and other options. This is a good time to review your needs and savings options. For more information, call us at 1-866-321-3639Opens your phone app..

You may be able to renew your mortgage before the end of the term, depending on your mortgage. Prepayment charges may apply. For more information, call us at 1-866-321-3639Opens your phone app..

Any time. Premiums are based on mortgage amount and your age at the time of insurance application. Learn more

If you renew your mortgage, you do not need to reapply for creditor insurance — your premiums and insurance coverage are automatically rolled over and will remain the same. If you refinance your mortgage, then a new insurance application is required.

No, an application for creditor insurance is approved only after your mortgage is approved. Creditor insurance is optional and does not impact your mortgage application.