Want a CIBC Mortgage, but at a Lower Interest Rate?
Your Windsor Mortgage Centre mortgage brokers at HCC Mortgages LTD. can offer you all CIBC mortgage products, but at a lower interest rate than your branch. We can also offer lower CIBC mortgage products than Rate Supermarket and Rate Hub because through mortgage rate comparison sites you are still dealing with the CIBC posted rates!
How Can Windsor Mortgage Centre Offer CIBC Mortgages at Lower Rates?
When you go to your local branch to get a CIBC mortgage, you are dealing with a financial advisor who is paid a salary, benefits, and performance bonuses regardless of whether you decide to finance your home through them. At the same time, CIBC has other overhead costs such as paying the lease for the building, utilities, maintenance, and huge television and radio advertising campaigns to promote their products.
Windsor Mortgage Centre CIBC Mortgage… Lower Cost = Lower Interest Rate
Windsor Mortgage Centre can access CIBC broker rates which are reduced below the branch posted rates since a Windsor mortgage centre broker is only paid by CIBC after a mortgage is successfully funded on closing day. The fee that CIBC will pay a mortgage broker is a very small fraction of what they pay daily to maintain buildings, pay their advisors, and advertise across Canada.
Is Windsor Mortgage Centre Providing Me With a Real CIBC Mortgage?
YES! You will sign the exact mortgage commitment documents and experience the same closing costs as you would at the branch. These closing costs are typically an appraisal for approximately $250, legal fees for approximately $700 to $1200 depending on your lawyer, and title insurance for approximately $250.
The only difference is that you can sign your documentation in our office or at home and scan or fax them back to us at your convenience! Inconvenient appointment times during your busy work day are not necessary and you will receive all the benefits of any CIBC mortgage product currently offered at the branch.
Don’t forget – you will also receive a lower rate than you could receive at your local branch for the same CIBC mortgage.
Is a CIBC Mortgage the Lowest Rate Windsor Mortgage Centre Can Offer?
Absolutely not! Reading this post may be the first time that you have heard that a Windsor Mortgage Centre or any other Ontario Mortgage Centre can offer you a CIBC mortgage and the reason is simple. Typically, we can find you an even lower rate mortgage product by arranging through a secondary lender. Secondary lenders are licensed and insured like all other major banks in Canada, but specialize in Ontario mortgage lending. Instead of paying big bucks for buildings, employing staff at each branch, and advertising, they rely on Windsor Mortgage Centre and other Ontario mortgage brokers to bring them clients by offering more competitive mortgage rates and products than primary lenders like CIBC, RBC, Scotia, BMO, and TD.
Compare CIBC Posted Rates With Our CIBC Rates
| Fixed Term |
CIBC Branch Rate |
Mortgage Centre Rate |
Savings Per Term on $100,000 |
| 1 Year | 3.20% | 2.80% | $392.15 |
| 2 Year | 3.29% | 3.04% | $486.16 |
| 3 Year | 3.95% | 2.45% | $1,449.39 |
| 4 Year | 4.39% | 3.49% | $3,457.54 |
| 5 Year | 5.24% | 3.29% | $9,317.73 |
Assumptions are that the mortgage amount is $100,000 and is amortized over 25 years.
Interest rates were effective on the date this post was written, Friday August 24th, 2012 and may have changed since.
Get up-to-date CIBC Posted Mortgage Rates here.
The Choice Is Yours! CIBC or a Secondary Lender – We Do Both!
If you still feel more comfortable getting a real CIBC mortgage through Windsor Mortgage Centre, we can get the best CIBC mortgage rate over your branch and also offer PC Financial mortgages, too. However, if saving money and interest matters to you (why would you be here if it didn’t), then we can also discuss other secondary lender options to save you even more over your next term.
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