CIBC Quick Close Mortgage Offer
I dont post often but I figured this is a deal that could benefit many of the RFD members.
My mortgage was at TD in a 5 yr variable at prime -.60 (2.40%) and CIBC was able to offer me an incredibly low rate to switch over. I asked my representative if I would be allowed to post some rates and he stated that I could tell friends and family about the offer but to note that it it could change at any point.
The deal I signed up for was a 3 yr fixed at 3.45% + 3% cash back (if the new mortgage at CIBC will be over400k)
This results in a rate equivalent to 2.32%, which is unheard of. If the mortgage will be under 400k, then you would receive 2% cash back, resulting in a rate equivalent to 2.70%.
I had my doubts but I can assure you that there are no catches. You just need to ensure that you will not payout the mortgage prior to the term maturing (unless you port your mortgage) as they could ask for the cash back and charge you a penalty.
This offer is available for people who have their mortgage at another institution (like me) or if you are purchasing a new home and will require a new mortgage. This is also available if your mortgage is up for maturity (even though the cash back was presented originally to assist with a penalty the other institution would have).
I am not going to post my reps information here but if you would like his contact information, feel free to PM me.
He works in York region but I am sure he can help transfer you to someone closer if required.
My mortgage was at TD in a 5 yr variable at prime -.60 (2.40%) and CIBC was able to offer me an incredibly low rate to switch over. I asked my representative if I would be allowed to post some rates and he stated that I could tell friends and family about the offer but to note that it it could change at any point.
The deal I signed up for was a 3 yr fixed at 3.45% + 3% cash back (if the new mortgage at CIBC will be over400k)
This results in a rate equivalent to 2.32%, which is unheard of. If the mortgage will be under 400k, then you would receive 2% cash back, resulting in a rate equivalent to 2.70%.
I had my doubts but I can assure you that there are no catches. You just need to ensure that you will not payout the mortgage prior to the term maturing (unless you port your mortgage) as they could ask for the cash back and charge you a penalty.
This offer is available for people who have their mortgage at another institution (like me) or if you are purchasing a new home and will require a new mortgage. This is also available if your mortgage is up for maturity (even though the cash back was presented originally to assist with a penalty the other institution would have).
I am not going to post my reps information here but if you would like his contact information, feel free to PM me.
He works in York region but I am sure he can help transfer you to someone closer if required.