CIBC Mortgage Review 2025

Mar 4, 2025

CIBC offers a wide range of mortgages and has a large presence throughout the country. The variety of mortgages provided rivals that of its Big Six competitors.

Written by Kurt Woock

Lead Writer & Content Strategist

Edited by Beth Buczynski

Head of Content, New Markets

Written by Kurt Woock

Lead Writer & Content Strategist

+ 1 more

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CIBC mortgages at a glance

One of Canada’s Big 6 banks, CIBC offers common and uncommon types of mortgages. It also has a large presence throughout the country.

Large bank with a nationwide footprint.
A wide range of mortgage products, from standard fixed- and variable-rate loans to products designed for buyers with specific needs, like a second home.
Advertised terms range from six months to 10 years.

Pros

Wide range of mortgage products and terms.
Option to submit applications in-person and online.
Programs for newcomers to Canada.

Cons

Limited options for borrowers with low or bad credit.
Rates generally aren’t much better than those at other big banks.

CIBC mortgage review

CIBC is one of Canada’s Big 6 Banks — large financial institutions that offer a wide array of financial products and services and that have a presence in most or all of the country. With that size comes the benefit of having many branch locations, a possible selling point for home buyers who prefer to meet their mortgage lender face-to-face.

CIBC offers an array of variable- and fixed-rate mortgages for buyers in various circumstances, including first-time home buyers, investors and newcomers to Canada.

Because it’s a federally-regulated financial institution, CIBC follows the nation’s strict lending guidelines. Home buyers who fall outside the credit score, down payment or debt service ratio limits established by those guidelines may have to apply for a mortgage with an alternative lender.

Those who already bank with CIBC may view it as an especially convenient option. For example, if you plan to have creditor insurance, which essentially pays off some or all of your mortgage balance if you die, become disabled or lose your job, you can apply for coverage with CIBC as part of your mortgage application. If approved, your payment is bundled with your mortgage payment.

Who is CIBC best for?

Due to its large footprint and range of mortgage types, CIBC could be a good choice for a home buyer with a high credit score and steady income.

Feature overview

Variety of mortgages available

Fixed-Rate Mortgages.
Variable Mortgages.
Convertible Mortgage.
Home equity lines of credit.
Renewals and refinances.
Mortgages for new construction.
Mortgages for newcomers to Canada.
Second mortgages.
Farm mortgages.

Ease of application

You can start the pre-qualification, pre-approval and approval processes on CIBC’s website or in person at a CIBC branch. The online forms are helpful but are little more than contact forms; expect to work directly with a CIBC representative after submitting.

Online pre-qualification: Yes. You can submit pre-qualification paperwork online.
Online pre-approval: Yes. The pre-approval and application forms are on the same page; make sure you select the right one before submitting.
Online mortgage application: Yes. You can start applying for a mortgage online.
In-person option: Yes. CIBC has more than 1,000 branches across the country.

Mortgage rate transparency

CIBC is among the most transparent mortgage lenders we’ve seen.

Posted rates: Like most Big Six banks, CIBC has posted rates for many different mortgage types.
Special rates: On CIBC’s website you can find corresponding discounted rates for most of its posted rates.
APR: CIBC includes APRs for most of their fixed and variable rates.

Other CIBC mortgage details

Increase your payments: You can raise your regular payment up to 100% without penalty.

Make lump-sum payments: Pay off your mortgage earlier with payments up to 20% of your original loan on certain mortgage products. You can do this once per year.

Prepayment penalties: If you pay off your fixed-rate mortgage beyond the set limits, you’ll pay a prepayment penalty. At CIBC the penalty is the greater of three months interest on the prepayment amount based on your mortgage interest rate or the interest rate differential on your prepayment amount. For variable-rate mortgages, the penalty is 3 months interest based on CIBC’s prime rate.

Range of terms: Six-month convertible mortgage to 10-year fixed.

Rate hold: CIBC will hold rates for 120 days, which is standard in the mortgage industry.

Portability: If you sell a home with a CIBC mortgage and buy another, you may be able to port your mortgage. CIBC’s website says this option is only available with some mortgages, but doesn’t specify which.

Programs for newcomers: If you’re new to Canada and have limited or no credit history, you may be able to get a mortgage with CIBC.

Customer satisfaction ratings

It’s difficult to gauge how satisfied Canadians are with CIBC as a mortgage provider. Customer review websites can be helpful, but keep in mind that the reviews aren’t verified and may not accurately reflect the average opinion of CIBC customers; for example, unhappy customers may be overrepresented in these reviews. Nevertheless, these sites are one way to learn about possible downsides to consider.

CIBC’s rating on Trustpilot was 1.4 out of 5 possible stars, with more than 1,400 reviews at the time of this writing. The most recent reviews contained feedback about a number of CIBC’s products and services; not just mortgages.
CIBC had a rating of 1.16 out of 5 possible stars on the Better Business Bureau website. About 80 reviews had been submitted at the time of this writing. Like Trustpilot, the reviews were not exclusively about CIBC’s mortgages.

Eligibility requirements

To be eligible for a standard mortgage with CIBC, you must:

Submit documents to confirm your income and employment.
Be prepared to buy in a “built-up area with municipal services like water, sewer and hydro.”
Be prepared to make the minimum down payment.
Have enough income to pay your regular mortgage payments.

How to apply with CIBC

CIBC makes many of its application forms available online.

Once on CIBC’s website, tap or hover over the tab titled “Mortgages.” On the menu that appears, look for the “Tools and Resources” section. That’s where you’ll navigate to CIBC’s online pre-qualification, pre-approval and mortgage application forms.

Alternatives to CIBC’s mortgage products

	Tangerine	RBC Mortgage
Lender type	Online-only bank	Big Bank lender
Service area	National	National
In-person service?	No	Yes
Ease of application	Easy (online)	Easy (online, phone, in-person)
Mortgage variety	Average	Average

Frequently asked questions

How does CIBC calculate your mortgage payment?

Like most mortgage brokers and lenders, CIBC will consider the following when estimating what the regular payment might be for your future mortgage:

Home price: the total amount you agree to pay for a home.
Down payment: the total amount you’ll pay upfront toward a home purchase.
Amortization period: the number of years over which you’ll repay your mortgage.
Mortgage term: the length of the contract you’ll have with your mortgage lender.
Payment frequency: how often you’ll make a mortgage payment.
Mortgage interest rate: the fee you’ll pay to borrow money from the lender; expressed as a percentage of the loan amount.
Property taxes or title transfer fee: an annual fee based on your property value.
Mortgage default insurance: an extra cost you’ll pay if your down payment is less than 20%.

Example: