First Time Home Buyer
CIBC caters to first time buyers very well, offering guidance from start to finish. First-time buyers can also be comforted by the fact that they are working with one of the largest banks in Canada. CIBC works with the traditional Home Buyers Plan and land transfer tax rebate but has also been known to add some of their incentives to the mix, including cash back and banking perks.
At mortgage renewal time, it’s important to ensure you’re with the right bank that offers the best mortgage rates. Especially for homes valued over $1,000,000 CIBC is very competitive on rate. The renewal process is straightforward and a CIBC mortgage specialist can help out every step of the way.
The mortgage refinance differs from a straight mortgage renewal. With a mortgage renewal, there are no changes to the mortgage amount or repayment/ amortization period. With the refinance however, additional equity can be withdrawn for any purpose, including debt consolidation, renovations or for investment. In addition, the amortization or repayment period may be extended to help keep payments lower until income increases, rates drop, or both!
Rental Property Mortgage
CIBC offers a competitive rental property mortgage program and is also widely known for the flexibility of its corporate name, rental property purchase program. To purchase a rental or investment property, a minimum of 20% down payment is required. Although the housing market can be volatile, with the right property, tenants and lender on your side, eventually, the property will be paid off. It’s also likely that over the long term, values will have increased. If interested in a rental property mortgage either in a personal name or in a corporation name, it’s worth trying CIBC.