CIBC is introducing a new mortgage offer designed to help Canadians switch their existing mortgage to CIBC and take advantage of historically low fixed mortgage rates, even if their current mortgage is not yet up for renewal.

The CIBC Mortgage Switch Offer combines a 5-year fixed rate of 3.99 per cent along with 2 per cent cash back which can be used to help offset prepayment charges that clients might incur by moving out of their current mortgage at another financial institution to make the switch to a better rate. In addition, there are no transfer-in fees for clients to move their mortgage to CIBC.

“We know that many Canadians are looking for advice on whether to stay with their current mortgage until it matures, or make the switch to another mortgage given today’s historically low rates,” says Colette Delaney, senior vice president, mortgages and lending, CIBC Retail Markets.

“Our new CIBC Mortgage Switch Offer gives Canadians a fixed rate that may be below the rate they are currently paying, and a cash back offer to help clients make the switch by helping to offset any mortgage penalties they may encounter for switching before their mortgage is up for renewal.”

For example, on a mortgage of $200,000 transferred to CIBC as part of this offer, a client would receive a low fixed rate of 3.99% for the next 5 years, and $4,000 cash back which can be used to offset prepayment charges at their current financial institution, make a lump sum payment to reduce their mortgage balance, or for other purposes.

“There’s never been a better time to get advice about your mortgage and your overall financial goals from a CIBC Advisor, given today’s lower rates,” adds Delaney.

“Lowering your interest rate can reduce the total interest paid on your mortgage over the long term, helping you to achieve your financial goals sooner.”

To qualify for the offer, the mortgage transfer to CIBC must be completed within 30 days of mortgage application.

IE