Don't Wait until Renewal to Get Advice on your Mortgage

New CIBC offer combines great fixed rate and cash back to help Canadians switch their mortgage to CIBC at today's low interest rates, even if it's not up for renewal

TORONTO, March 5 /CNW/ - CIBC is introducing a new mortgage offer designed to help Canadians switch their existing mortgage to CIBC and take advantage of today's historically low fixed mortgage rates, even if their current mortgage is not yet up for renewal.

The CIBC Mortgage Switch Offer combines a great 5-year fixed rate of 3.99% along with 2% cash back which can be used to help offset prepayment charges that clients might incur by moving out of their current mortgage at another financial institution to make the switch to a better rate. In addition, there are no transfer-in fees for clients to move their mortgage to CIBC.

"We know that many Canadians are looking for advice on whether to stay with their current mortgage until it matures, or make the switch to another mortgage given today's historically low rates," said Colette Delaney, Senior Vice-President, Mortgages and Lending, CIBC Retail Markets. "Our new CIBC Mortgage Switch Offer gives Canadians a fixed rate that may be below the rate they are currently paying, and a cash back offer to help clients make the switch by helping to offset any mortgage penalties they may encounter for switching before their mortgage is up for renewal."

The offer is a new opportunity for Canadians to evaluate their current mortgage terms in today's low rate environment, and make decisions about how best to pay down their mortgage as quickly as possible. "Thanks to CIBC's Mortgage Switch Offer, you don't need to wait for your mortgage to come up for renewal to get advice and make decisions," added Delaney.

For example, on a mortgage of $200,000 transferred to CIBC as part of this offer, a client would receive a low fixed rate of 3.99% for the next 5 years, and $4,000 cash back which can be used to offset prepayment charges at their current financial institution, make a lump sum payment to reduce their mortgage balance, or for other purposes.

"There's never been a better time to get advice about your mortgage and your overall financial goals from a CIBC Advisor, given today's lower rates," added Delaney. "Lowering your interest rate can reduce the total interest paid on your mortgage over the long term, helping you to achieve your financial goals sooner."

To qualify for the offer, the mortgage transfer to CIBC must be completed within 30 days of mortgage application. For complete details on the offer including terms and conditions, please visit http://www.cibc.com/ca/focus/spr-10/switch/borrowing.html

For more information and advice, visit www.cibc.com or your local CIBC branch, or call 1-800-465-CIBC (1-800-465-2422).

CIBC is a leading North American financial institution with nearly 11 million personal banking and business clients. CIBC offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada, in the United States and around the world. You can find other news releases and information about CIBC in our Press Centre on our corporate website at www.cibc.com.

For further information: Doug Maybee, Director, External Communications and Media Relations, CIBC, Tel: [phone], [email protected]