Open variable mortgages generally have limited terms – usually a single option of either 3 or 5 years – and a middling mortgage rate that isn't terrible, but also isn't great. These sorts of mortgages are pretty niche and only of interest to people who have a specific and somewhat complicated mortgage situation on their hands, in that they need a mortgage, but they also want to be able to pay it off in full any time they want, without paying any extra penalties.
In order to make money off this sort of mortgage, the lenders generally charge a higher interest rate, since borrowers are able to just cut and run whenever they want. Clearly there are limited applications for this type of mortgage, so options aren't terribly interesting or particularly competitive. CIBC offers a 5 year open variable mortgage, with an interest rate falling roughly in the middle of the options available.
CIBC open variable mortgage features
Why You Want It
Option to convert to a fixed mortgage + Make additional payments of any size.
Provinces
ALL
Mortgage
Convertible
6 Months
7.55%
Variable Open
5 Years
7.75%
Features
Rate Type
Variable Open
Pre-approval
Rate Guarantee (days)
120
Bank Prime Rate
4.45%
# Of Prepayments Allowed Per Year
1
% Of Prepayment Allowed
20%
# Of Payment Increases Allowed Per Year
1
Max Payment Increase Allowed
100%
Promotion Available
N/A
Promotion End Date
See Issuer for Details
CIBC open variable mortgage product rating: 4.2 stars
The CIBC open variable mortgage has few options and not a lot to get excited about. Its interest rate isn't the best for these sorts of mortgages, but it also isn't the worst.
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.
CIBC open variable mortgage alternatives
 |  |  |  | |
|---|---|---|---|---|
| Account | CIBC Open Variable Mortgage | nesto | Meridian Closed Fixed Mortgage | Scotiabank Open Variable Mortgage |
| Genius Rating | ||||
| Why You Want It | Option to convert to a fixed mortgage + Make additional payments of any size. |  $350 GeniusCash + Get the lowest rate guaranteed + 150 day rate lock
| Get up to 5% cash back + Competitive rates and excellent customer service. | Flexible prepay options + Get mortgage protection with 4 coverage types. |
| Mortgage | Convertible
Variable Open
| Fixed Closed
| Fixed Closed
| Variable (Open)
|
| Rate Type | Variable Open | Fixed Closed | Fixed Closed | Variable Open |
| Pre-approval | | | | |
| Rate Guarantee (days) | 120 | 150 | 120 | 120 |
| Bank Prime Rate | 4.45% | 4.45% | 4.45% | 4.45% |
| # Of Prepayments Allowed Per Year | 1 | See Issuer for Details | Unlimited | See Issuer for Details |
Show More | ||||
| See rates & details See more CIBC products Compare | I Want This Deal See more nesto products Compare | See rates & details See more Meridian Credit Union products Compare | Learn More See more Scotiabank products Compare |
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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