CIBC
Big Six bank. Uses an original-posted vs current-posted IRD calculation. It lends across Canada.
Prepayment-penalty method
Posted-rate penalty (can be costly)
Breaking a fixed term early is penalized using the posted-rate method, which can cost thousands of dollars more than a fair contract-rate penalty. Worth weighing carefully if there is any chance you will move, refinance, or renew before the term ends.
See what breaking a mortgage early could costWho it tends to fit
- Self-employed and business-owner borrowers
- Newcomers to Canada building credit here
- Buyers of rental or investment property
- Borrowers with solid credit (around 680+)
- Refinances and equity take-outs
- Construction and new-build financing
General signals only. Approval depends on the full application; a lender that fits on paper still has to say yes.
What you can do with it
- Buying a home
- Refinancing
- Construction / new build
- Renewal or switch
Features
- Prepayment privileges (pay extra without a penalty)
- Home equity line of credit (HELOC)
- Portable (move your mortgage to a new home)
- Cash-back option
Rate types
- Fixed rates
- Variable rates
Where it lends
Across Canada
Good to know
- Posted-vs-posted IRD method: still typically higher than a monoline's fair-penalty calculation.
How to reach CIBC
Available both directly and through a mortgage broker. This is educational information, not a rate quote; confirm current rates and terms directly.
Visit CIBCEducational summary; rates, terms, and approval are set by the lender.
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Other big six banks
Educational information about Canadian mortgages, not financial or mortgage advice. This tool is offered by Jordan Avery, Mortgage Agent (Level 2), Licence M23999999 · Maple Key Mortgages Inc., FSRA Brokerage Licence 13999 and operated by LenderSearch; figures are estimates. Confirm all rates, terms, and eligibility directly with the lender before acting.