CIBC Mortgages
Is Part of RateShop Mortgage's Trusted Canadian Lender Network
CIBC Mortgages: Your Partner for Home Financing
History as a Mortgage Lender in Canada
The Canadian Imperial Bank of Commerce (CIBC) has been a trusted financial institution for over 150 years. As a leading player in Canada's banking sector, CIBC has provided Canadians with reliable mortgage solutions, including home loans, lines of credit, and investment property financing. The bank’s reputation for financial stability and customer service makes it a preferred choice for many Canadian homebuyers.
Types of Mortgage Products & Programs
CIBC offers a wide variety of residential and commercial mortgage products designed to fit different customer needs. These include:
Fixed-Rate Mortgages: Secure your rate for a fixed term, ranging from 6 months to 10 years, ensuring predictability in payments.
Variable-Rate Mortgages: Benefit from potentially lower rates, with payments that fluctuate in line with market conditions.
High Ratio Mortgages: For homebuyers who are unable to make a 20% down payment.
Self-Employed Mortgages: Tailored for self-employed individuals with flexible income documentation.
Home Equity Line of Credit (HELOC): Use the equity in your home for additional borrowing.
Commercial Mortgages: Financing for commercial properties with options for competitive rates and terms.
Minimum Credit & Income Requirements
CIBC's mortgage offerings cater to a variety of financial profiles. Below are some key eligibility requirements:
Credit Score: A minimum credit score of 600 is often required for standard residential mortgages, though a higher score may be needed for more competitive rates.
Income: CIBC assesses both salaried and self-employed individuals. The bank considers steady income, creditworthiness, and debt levels to approve applications.
First-Time Homebuyers: CIBC offers specialized programs for first-time buyers, including down payment assistance and lower interest rates.
Self-Employed & Contract Employees: Self-employed individuals can apply for mortgages by providing two years of tax returns and proof of income. Contract employees may need to demonstrate a history of stable, long-term contracts.
Mortgage Underwriting Criteria for Approval
When considering a mortgage application, CIBC uses the following key factors:
Debt Service Ratios: The Gross Debt Service (GDS) ratio and Total Debt Service (TDS) ratio are assessed to ensure applicants can manage their mortgage payments.
Income Stability: For salaried individuals, regular pay stubs or proof of employment is required. Self-employed applicants must show consistent income over two years.
Down Payment: The required down payment varies based on the property type, but it typically starts at 5% for first-time buyers with a high-ratio mortgage.
Property Appraisal: An independent appraisal of the property is often necessary to confirm its market value.
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*Advertised rates may not be offered by this lender. Mortgage lender offers are aggregated by RateShop & its Brokerage Network subject to change without notice. Speak with our mortgage broker about APR and qualification requirements.
Locations Serviced and Branch Presence in Canada
CIBC has a broad national presence, with branches in major cities across Canada, including Toronto, Vancouver, Calgary, and Montreal. Their team of mortgage specialists is available in-person, by phone, or online to assist with your home financing needs.
Mortgage Application Checklist
Before applying for a mortgage with CIBC, ensure you have the following documentation:
Proof of identity (government-issued ID)
Proof of income (pay stubs, tax returns)
Employment details (recent pay stubs or letter of employment)
Information about the property (listing, purchase agreement)
Credit report (CIBC may pull this during the application process)
How to Start a Mortgage Pre-Approval
To start the pre-approval process with CIBC:
Contact a CIBC Mortgage Specialist: You can apply online or visit a local branch.
Submit Necessary Documents: Provide income and credit details to
help CIBC determine the loan amount you’re eligible for.
Review Your Pre-Approval Offer: If approved, you'll receive a letter indicating the mortgage amount and interest rate available to you.
Pre-approval helps determine your price range and demonstrates to sellers that you are a serious buyer.
How to Get Mortgage Rates
CIBC offers competitive mortgage rates based on current market conditions. You can access their rates by visiting their website, contacting a mortgage specialist, or applying for a pre-approval. Rates may vary depending on the term, type of mortgage, and whether it’s a fixed or variable rate.
Mortgage Pre-Payment Options
CIBC provides flexible pre-payment options to help you pay down your mortgage faster. These include:
Accelerated Payments: Make weekly or bi-weekly payments to pay off your mortgage sooner.
Additional Payments: Pay extra toward your mortgage principal without penalty (up to a certain amount annually).
Increase Payments: Increase your monthly payment amount to reduce your mortgage term and interest.
By utilizing these options, you can save on interest costs and pay off your mortgage faster.
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Contact Information
6 Indell Lane, Brampton ON L6T 3Y3, Canada
Local: 416-827-2626
Toll: 800-725-9946
RateShop Inc. is a Mortgage Brokerage offering lowest mortgage rates to Canadians. We are provincially licensed in the following provinces: Mortgage Brokerage Ontario FSRA #12733, British Columbia BCFSA #MB600776, Alberta RECA #00523056P, Saskatchewan FCAA #00511126, PEI #160622, New Brunswick FCNB #88426, Newfoundland/Labrador. Our Quebec Mortgage Transactions are serviced by Orbis Mortgage Group AMF# 181136.
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