Ongoing Deal Discussion

[CIBC] CIBC Mortgage Speical 5 years variable 1.28%

  • Last Updated:
  • Feb 26th, 2021 2:57 pm
[OP]
Member
Dec 8, 2002
221 posts
134 upvotes

[CIBC] CIBC Mortgage Speical 5 years variable 1.28%

CIBC Lunar New Year Mortgage Special Offer
February 8 - 19, 2021

1.28% 5-year Variable Flex
For new accquisitions and transfers-in only
273 replies
Jr. Member
Apr 20, 2011
199 posts
126 upvotes
Edmonton, Canada
Hahaha what a joke. The lowest fixed rate avaialable is 1.25% for insured mortgages.
Deal Addict
Oct 29, 2007
1949 posts
422 upvotes
zerocool_maverick wrote: Hahaha what a joke. The lowest fixed rate avaialable is 1.25% for insured mortgages.
From where? Please provide more details.
Deal Addict
Nov 10, 2012
2324 posts
1601 upvotes
Calgary
I was told by my contact at CIBC that they can combine this with other existing offers/cash back.
Deal Addict
Jun 4, 2012
1069 posts
638 upvotes
BC
zerocool_maverick wrote: Hahaha what a joke. The lowest fixed rate avaialable is 1.25% for insured mortgages.
Have you looked at HSBC? It's actually 0.99
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Last edited by muffin4life on Feb 8th, 2021 5:45 pm, edited 1 time in total.
Member
Aug 9, 2006
431 posts
38 upvotes
jarfgames wrote: I was told by my contact at CIBC that they can combine this with other existing offers/cash back.
Do you have a contact for this?
Jr. Member
Jan 25, 2012
137 posts
37 upvotes
SCARBOROUGH
would also like to be pm with contacts. thanks
Jr. Member
Oct 20, 2014
152 posts
92 upvotes
Trenton, on
jarfgames wrote: I was told by my contact at CIBC that they can combine this with other existing offers/cash back.
Could you please PM the contact to me too? TIA
Newbie
Mar 31, 2015
3 posts
1 upvote
Kanata, ON
Does a refinance qualify for this offer?
How about the cash bonus?
Newbie
User avatar
Jun 4, 2007
45 posts
51 upvotes
Toronto
zerocool_maverick wrote: Hahaha what a joke. The lowest fixed rate avaialable is 1.25% for insured mortgages.
Confirmed with my sources that 1.28% Variable is applicable to conventional (non-insured) deals. The 1.25% rates mentioned are for insured deals, which is a different product. Kinda like comparing apples to oranges.

Don't forget the HPP program that CIBC offers which gives you auto approval for increased LOC as you pay down the mortgage, without a need for a new application/credit pull. I don't believe HSBC or other lenders have this (except BMO and RBC).

Lastly, the variable rate term only has 3 month penalty if you break the mortgage, whereas you would have to pay the full interest if you break the fixed term mortgage.

So to laugh at the current offer and compare it with 1.25% for a different product (insured) seems a bit odd to me. Thanks OP for the deal +1 upvote from me.

Note: Insured rates are usually lower since the lender has the insurer's approval, but the applicant would have to pay for the insurer's premium of ~3% on top of the mortgage rate.
Last edited by azn_sicko on Feb 9th, 2021 12:03 am, edited 1 time in total.

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