CIBC offers common and uncommon types of mortgages. It also has a large presence throughout the country.
One of Canada’s Big 6 banks, CIBC offers common and uncommon types of mortgages. It also has a large presence throughout the country.
CIBC mortgage key features CIBC mortgage typesCIBC is one of Canada’s Big 6 Banks — large financial institutions that offer a wide array of financial products and services and that have a presence in most or all of the country.
With that size comes the benefit of having many branch locations, a possible selling point for home buyers who prefer to meet their mortgage lender face-to-face. Big banks are also more likely to offer types of mortgages more specific than, say, a standard three-year or five-year fixed mortgage. Examples include mortgages for an investment property or newcomers to Canada.
Once on CIBC’s website, tap or hover over the tab titled “Mortgages.” On the menu that appears, look for the “Tools and Resources” section. That’s where you’ll navigate to CIBC’s online pre-qualification, pre-approval and mortgage application forms.
Once you choose “Pre-qualify for a Mortgage” from the Tools and Resources menu, you’ll be asked a series of questions that will help CIBC determine how much they might be willing to loan you.
You’ll need to provide some personal information. When we went through the process, we had to confirm what we entered by answering questions related to our recent banking history.
After you provide your gross household income, you’ll receive an estimated purchase price, mortgage amount and the name of the CIBC Mortgage Advisor who will follow up with you.
The mortgage pre-approval and mortgage applications begin on the same page; make sure you select which you want to submit on the top of the page.
When submitting a pre-approval, you’ll be asked to provide a down payment estimate as well as your household income.
The mortgage pre-approval and mortgage applications begin on the same page; make sure you select which you want to submit on the top of the page.
You’ll be asked to provide a down payment estimate as well as your household income.
You’ll eventually work with a mortgage advisor to submit more information, including documentation to verify your financials.
| Tangerine | RBC Mortgage | Rocket Mortgage | |
|---|---|---|---|
| Lender type | Online-only bank | Big Bank lender | Mortgage broker |
| Service area | National | National | National |
| In-person service? | No | Yes | No |
| Ease of application | Easy (online) | Easy (online, phone, in-person) | Easy (online) |
| Mortgage variety | Average | Average | Above average |
Choosing a mortgage lender is a big decision. A mortgage is a large debt, and you want to make sure that you’re getting the best deal possible. If you’re a first-time home buyer, you’ll also need to learn the basics about the home buying process. Start by making a list of what’s important to you, and spend time comparing offers from the different types of providers.
You can start by following these steps:
Decide your budget: It’s important to have an idea of how much mortgage you can comfortably afford before talking with lenders. They may offer you more than you want to spend; it’s important to be ready for that conversation.
Understand the different types of lenders: Mortgage providers include banks, credit unions, brokers, alternative lenders, and private lenders. Each has its pros and cons.
Compare offers from three different lenders: To ensure you have a good idea of what’s out there, consider seeking mortgage pre-approval from a big bank, a broker and one other type of alternative lender.
Don’t focus too much on rates: The interest rate is just one part of the mortgage equation. Yes, you want the most competitive rate possible, but it’s also important to weigh the reputation of the lender, the quality of customer service they provide, the types of loans they offer, the fees they charge, and the flexibility of terms they may offer.
How does CIBC calculates your mortgage payment?Like most mortgage brokers and lenders, CIBC will consider the following when estimating what the regular payment might be for your future mortgage:
Example:
TOTAL MORTGAGE: $615,150
MONTHLY MORTGAGE PAYMENT: $3,778
» MORE: Use our mortgage payment calculator to compare different loan scenarios
