CIBC Mortgage Review 2025
CIBC: Our quick take
Like other Big Six banks, CIBC appeals to many homeowners due to its nationwide footprint and wide range of mortgage products.
Who is a CIBC mortgage best for?
Home buyers with good credit who value working with a well-known national bank may want to look into CIBC.
Who's eligible for a CIBC mortgage?
As with any lender or brokerage, you’ll need to meet certain eligibility requirements to get a mortgage from CIBC. These include:
Minimum credit score: Typically 680.
Down payment amount: At least 5% for a home under $500,000. For homes between $500,000 and $1,499,999, you need 5% of the first $500,000 and 10% of the amount above $500,000. For a home that costs $1.5 million or more, you’ll need 20% of the purchase price.
Debt service ratios: Your gross debt service ratio should not exceed 39%; your total debt service ratio should not exceed 44%.
What type of mortgages does CIBC offer?
Like all Big Six banks, CIBC has a mortgage for nearly every need:
Convertible mortgages.
Renewals and refinances.
Mortgages for newcomers to Canada.
Investment property, vacation and second home mortgages.
Farm mortgages.
Mortgages for self-employed individuals.
There is one type of mortgage you may have trouble finding at CIBC: bad credit mortgages. If you have a lower credit score and need a mortgage, you'll want to see if B Lenders can help.
How do CIBC's mortgage rates compare?
Review of CIBC mortgage features
We've sifted through lender websites for features borrowers are interested in and summarized how each lender compares to its competitors with the labels "limited," "standard" or "excellent."
To see the details that led to each summary, expand the box below each entry.
Special offers available
EXCELLENT
CIBC shares more special offers than its Big Six peers.
Why this might matter for you: Special rates can be a window into the types of rates you'll actually get from a lender. It's frustrating when one lender clearly displays them online and another doesn't.
Why this might not matter: If you work with a mortgage broker, they're the ones who will gather rate information. Also, because every mortgage offer is unique to the applicant, a special rate you see may not reflect the rate a lender will offer you.
Expand for details
CIBC advertises special rates for:
1 year fixed
2 year fixed
3 year fixed
4 year fixed
5 year fixed
3 year variable
5 year variable
5 year fixed high ratio
5 year variable high ratio
7 year closed fixed
Term length options
EXCELLENT
CIBC advertises 18 different term lengths, most among Big Six banks.
Why this might matter for you: Some borrowers need financing for an unusual amount of time (six months, six years or 25 years, for example).
Why this might not matter: If you intend to get a standard three- or five-year term, having access to less common terms doesn't matter as much.
Expand for details
CIBC advertises the following terms on its website:
6 months
6 months (open)
1 year
1 year (open)
2 year
3 year
4 year
5 year
6 year
7 year
8 year
9 year
10 year
3 year variable
5 year variable
5 year variable (open)
5 year high ratio
6 month convertible
Prepayment limit
EXCELLENT
Three Big Six banks offer lump-sum prepayment limits as high as 20%, and CIBC is one of them.
Why this might matter for you: Paying off a mortgage early is a goal many homeowners have. The bigger your lender's lump-sum prepayment limit, the more flexibility you'll have.
Why this might not matter: If you don't expect to have funds available for prepayments, this limit is irrelevant.
What it's like to apply for a mortgage at CIBC
CIBC makes many of its application forms available online, including pre-qualification and pre-approval forms.
Expand to preview online application
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.
Once you choose “Pre-qualify for a Mortgage” from the Tools and Resources menu, you’ll be asked a series of questions that will help CIBC determine how much it might be willing to loan you.
You’ll need to provide some personal information. When we went through the process, we had to confirm what we entered by answering questions related to our recent banking history.
After you provide your gross household income, you’ll receive an estimated purchase price, mortgage amount and the name of the CIBC Mortgage Advisor who will follow up with you.
The mortgage pre-approval and mortgage applications begin on the same page; make sure you select the one you want to submit — it’s the first question in the form.
When submitting a pre-approval, you’ll be asked to provide a down payment estimate as well as your household income.
Again, the mortgage pre-approval and mortgage applications begin on the same page.
To apply, you’ll be asked to provide a down payment estimate as well as your household income.
You’ll eventually work with a mortgage advisor to submit more information, including documentation to verify your financials.
About NerdWallet mortgage reviews
When we review mortgage lenders, we look for the options it offers customers, transparency in advertising, ease of application and flexibility it offers mortgage-holders.
Of course, a mortgage is a highly personalized product. The offer you receive depends on the details of your financial situation. A lender may have a less-than-transparent website but offer you a great rate.
Use this review to familiarize yourself with this mortgage lender. To get the best mortgage rate, work with a mortgage broker or negotiate directly with multiple lenders.
DIVE EVEN DEEPER
Clay Jarvis
Clay Jarvis
Clay Jarvis