If you’re in the market for a new mortgage because you’re looking to buy your first home or just looking to refinance your existing mortgage, a CIBC fixed rate mortgage might be a good choice for you. Not only are they one of Canada’s tried-and-true big banks, they also have a variety of mortgage terms available, some very competitive special rates, and a few extra features to boot.
On the flip side, however, their posted rates are higher than average, and while their $3,500 cash back offer sounds great, how much you actually get depends on the size of your mortgage.
CIBC closed fixed rate mortgage features
Here’s what CIBC has to offer for fixed rate mortgages.
Why You Want It
Unlock special mortgage rates + Add on a low interest line of credit.
Special Features
- High-Ratio mortgages available
Provinces
ALL
Mortgage
Fixed Closed
1 Year
5.24%
2 Years
5.49%
3 Years
6.64%
4 Years
6.19%
5 Years
6.49%
7 Years
6.3%
10 Years
6.79%
Features
Rate Type
Fixed Closed
Pre-approval
Rate Guarantee (days)
120
Bank Prime Rate
4.45%
# Of Prepayments Allowed Per Year
1
% Of Prepayment Allowed
10%
# Of Payment Increases Allowed Per Year
1
Max Payment Increase Allowed
100%
Promotion Available
N/A
Promotion End Date
See Issuer for Details
CIBC closed fixed rate mortgage product rating: 4.5 stars
CIBC gets a solid 4.5 stars for their fixed rate mortgage offering for a few reasons. It often features competitive special rates and a valuable cash back offer, which is currently worth up to $3,500. You also have the option of opening a low interest line of credit along with your mortgage.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of CIBC closed fixed rate mortgages
CIBC fixed rate mortgages have quite a few features in the “pros” column.
Pros
120 day rate guarantee
If you’re approved for a mortgage at CIBC, they will guarantee your mortgage rate for 120 days. This gives you lots of time to find the house of your dreams. And while 120 days is pretty much the industry standard these days, not all banks post that they’ll make a similar guarantee, so it’s nice to have it clearly in writing.
Option for a low interest line of credit with your mortgage
If you’re not buying a brand new house, you’re probably also buying someone else’s slapdash renovations or half-hearted repairs. This means you’re probably going to have to spend some cash on making repairs, or just doing some of your own renos and redecorating. With a CIBC mortgage, you can also get a low interest line of credit that gives you some added financial flexibility when turning your house into a home.
Promo for up to $3,500 cash back
If you decide to have your mortgage with CIBC, you can get up to $3,500 cash back. Which sounds great, but there is a catch that we talk about below.
The cons of CIBC closed fixed rate mortgages
So, what’s in the “cons” column for CIBC fixed rate mortgages?
Cons
Higher than average posted rates
While CIBC has some very competitive special rates available, their posted standard rates are actually higher than average. If you’re looking for a mortgage that has a special rate, all is well, but if you’re looking for something a little different, you might be better off shopping around a little first.
Cash back promo depends on the size of your mortgage
CIBC’s $3,500 cash back promotion sounds great, but how much you actually get depends on the size of your mortgage. If your mortgage is between $100,000 and $250,000, you’ll only get $500 cash back. Between $300,000 and $500,000, you’ll get $1,000 cash back. $500,000 to $750,000 is $2,000 and $750,000 to $1,000,000 is $2,500. You’ll only get the full $3,500 cash back if your mortgage is over $1,000,000. So, unfortunately, it’s not as great as advertised.
Your mortgage calculator
Want to know what your monthly mortgage payments would be for one of CIBC’s fixed mortgage rates?
Use our mortgage calculator to find out:
Mortgage Information
CIBC closed fixed rate mortgage alternatives
Wondering what some of CIBC’s competitors have to offer? Here are a few we’ve had a look at so far.
 |  |  |  | |
|---|---|---|---|---|
| Account | CIBC Closed Fixed Rate Mortgage | Coast Capital Closed Fixed Rate Mortgage | nesto | TD Closed Fixed Rate Mortgage |
| Genius Rating | ||||
| Why You Want It | Unlock special mortgage rates + Add on a low interest line of credit. | Rates as low as 3.86%* APR on a high-ratio 5-year fixed mortgage | Get the lowest rate guaranteed + 150 day rate lock | 120-day rate guarantee + Convenient mortgage calculator. |
| Mortgage | Fixed Closed
| Fixed Closed
High-Ratio Closed
| Fixed Closed
| Fixed Closed
|
| Rate Type | Fixed Closed | Fixed Closed | Fixed Closed | Fixed Closed |
| Pre-approval | | | | |
| Rate Guarantee (days) | 120 | 120 | 150 | 120 |
| Bank Prime Rate | 4.45% | 4.45% | 4.7% | 4.45% |
| # Of Prepayments Allowed Per Year | 1 | 1 | See Issuer for Details | See Issuer for Details |
Show More | ||||
| See rates & details See more CIBC products Compare | See rates & details See more Coast Capital Savings products Compare | See rates & details See more nesto products Compare | Learn More See more TD products Compare |
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FAQ
Does CIBC offer any special fixed mortgage rates?
They do. At the time of writing, CIBC has special rates available for 3-year and 5-year fixed rate closed mortgages, at 4.79% and 4.64% respectively. There's also a 5-year fixed rate high ratio special rate of 4.34%.
Is CIBC’s $3,500 cash back promotion any good?
CIBC’s cash back promotion sounds good, but how much cash you actually get back scales upward with the size of your mortgage. If you’re getting a mortgage that’s less than $500,000, you’ll only get $1,000 cash back. To get the full $3,500 cash back, your mortgage has to be $1,000,000 or higher. So, it’s really not a great deal in the end.
How long does CIBC guarantee their mortgage rates when you’re pre-approved?
If you’re pre-approved for a CIBC mortgage, they will guarantee your mortgage rate for 120 days. This is generally the industry standard, but since some banks don’t advertise whether they do or don’t have a rate guarantee, it’s nice to see CIBC states theirs up front and in writing.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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