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CIBC Better Than Prime Mortgage

This is a variable-rate mortgage. Its closed for 5 years and offers you an interest rate lower than CIBC Prime Rate. You also have an option at any time to lock into a fixed-rate mortgage with a term of 3 or more years at current rates with no prepayment cost. So if you lock in the rates in the 4th year of your term, your term will be renewed for 3 years from that date. You can prepay up to 15% of your original mortgage amount annually under this plan. Your original mortgage payments (principal and interest) can be increased by up to 100% anytime during the term. You can also have the option of taking up to 40 years to pay off your mortgage. Talk to your mortgage specialist for more info.

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