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CIBC Quick Close Mortgage Offer

  • Last Updated:
  • Mar 11th, 2014 2:41 pm
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Newbie
Jan 13, 2012
27 posts
11 upvotes
Aurora

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.
230 replies
Deal Addict
User avatar
Aug 3, 2009
2294 posts
721 upvotes
Nova Scotia
People should also be aware that mortgage rates are always negotiable but banks never tell you that.
Member
User avatar
May 5, 2009
485 posts
52 upvotes
FYI CIBC just offered us 3.29% for 5yrs fixed rate
Deal Addict
User avatar
May 22, 2006
1710 posts
1331 upvotes
Toronto
nurddin wrote: TD 5 year fixed 2.79% got last month.
Well that was last month, 5 yrs ago l got P-0.9%
Member since 2006

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Deal Expert
User avatar
Aug 6, 2001
17811 posts
5762 upvotes
Stuck in a Box
Just got a 5 year variable at 2.55% for a mortgage below 400K from Canada Life.
Member
User avatar
May 5, 2009
485 posts
52 upvotes
nurddin wrote: TD 5 year fixed 2.79% got last month.
I was told but they said the market went up
Member
User avatar
Jun 23, 2013
402 posts
56 upvotes
Whitby
BMO 5 yr fixed 2.99% last year - booyah
Deal Addict
Jul 25, 2006
2206 posts
314 upvotes
Montreal
We signed for 3.80% 10 year fixed with open payment options, 30 years @ Scotiabank two weeks ago. :)

That way, we have security and can pay down the mortgage faster.

Mortgage rates have climbed up twice in the last two weeks. Same mortgage is now 4.09%.
Deal Addict
User avatar
Oct 23, 2004
2285 posts
104 upvotes
maximummango wrote: 2.88 from First National signed last month 5 year fixed.
nurddin wrote: TD 5 year fixed 2.79% got last month.
Rates have changed considerably since last month.
melvin905 wrote: FYI CIBC just offered us 3.29% for 5yrs fixed rate
Terrible! :( Sorry to hear that.
weedb0y wrote: Just got a 5 year variable at 2.55% for a mortgage below 400K from Canada Life.
Thanks for the heads up!
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Member
Oct 16, 2012
244 posts
37 upvotes
TORONTO
There is no point compare what you got last month/last year to what people could get now. Rates change all the time unless you could somehow travel back in time to get whatever you want.
Member
User avatar
May 5, 2009
485 posts
52 upvotes
Handa wrote: Rates have changed considerably since last month.



Terrible! :( Sorry to

Thanks for the heads up!
where can we get better rates?? We went to 4 diff. Banks
Deal Addict
User avatar
Oct 23, 2004
2285 posts
104 upvotes
melvin905 wrote: where can we get better rates?? We went to 4 diff. Banks
You may not be able to! Have you tried Dominion Lending? They offered to rate-match CIBC's rate. But we haven't spoken them since rates went up, so I hesitate actually recommending them.
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Newbie
Dec 25, 2011
5 posts
BURNABY
Be aware of the penalty. If you have any change on your mortgage, you may need to pay back all your rebate plus penalty. Just a remind that broker may not tell you.
Sr. Member
Sep 18, 2004
583 posts
282 upvotes
nurddin wrote: TD 5 year fixed 2.79% got last month.
TD uses collateral charge mortgages, which is not exactly an apples to apples comparison with standard charge mortgages. I hope you're aware of that, otherwise you may be surprised by the mortgage discharge fees at the end of your term. You can avoid them, but only if you stay with TD for your next term. TD knows this, and will make their offer accordingly.
Member
Sep 17, 2009
243 posts
30 upvotes
Toronto
Similar discussion on Personal Finance forum - this is about getting 'Hot Deals' - not personal opinion ...

Any moderator around to close/move this thread ..
Sr. Member
Sep 18, 2004
583 posts
282 upvotes
zemun1234 wrote: Similar discussion on Personal Finance forum - this is about getting 'Hot Deals' - not personal opinion ...

Any moderator around to close/move this thread ..
The discussion is about the original deal that the OP got, and comparisons to other deals to determine whether it's a "Hot" deal or not. Not sure what "personal opinion" you're having a problem with, but it fits the forum.
Newbie
Jan 9, 2012
38 posts
67 upvotes
Toronto
Busta39 wrote: 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.
I work in the business and unfortunately the "3.45% + 3% cash back " is a fairly warm deal. The problem with cashback is that they limit your flexibility. If you decide to early renew, Refinance, or break the mortgage, the cashback gets clawed back immediately. The only exceptions to that would be when you are buying and selling a property and 'porting' the mortgage.

Right now, most banks are able to offer as low as 5 year fixed at 3.19%-3.39% right now.
1-2 Months ago the rates were as low as 5 year fixed at 2.79%
The lowest 5 year rate i've encountered in the past 2 years would be 5 year fixed at 2.70%
Newbie
Jan 9, 2012
38 posts
67 upvotes
Toronto
molo wrote: TD uses collateral charge mortgages, which is not exactly an apples to apples comparison with standard charge mortgages. I hope you're aware of that, otherwise you may be surprised by the mortgage discharge fees at the end of your term. You can avoid them, but only if you stay with TD for your next term. TD knows this, and will make their offer accordingly.
Discharge fees are the same for collateral and standard charges $300 +/-. The only difference is a collateral charge allows for flexibility with the a HELOC or equity draw component. Every major bank has something similar.

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