Robert McLister·Mortgage Broker News·May 3, 2010Mortgage Centre Gets CIBC’s Cash Back Product CIBC’s cash-back switch program has attracted a ton of interest. Now, Mortgage Centre has become the first brokerage firm (apart from CIBC’s HLC division) to offer it. The offer consists of a 3-, 4-, 5-, 7-, or 10-year fixed term with 2% cash back, or 3% cash back for mortgages over $400,000. Here are sample rates as of today: 4.40% for a 3-year term 4.89% for a 5-year term 5.05% for a 7-year term It’s a pretty solid deal if you take the cash back and make an immediate pre-payment with it. Doing so makes the effective interest rates among the best in the industry. But there are details to be aware of… The offer applies only to transfers in from other lenders CIBC requires repayment of 100% of the cash back amount if you break the mortgage before maturity The mortgage must close within 30 days from application Minimum mortgage amount: $75,000 The offer expires June 30, 2010. (This date has since been extended.) Other restrictions apply The Mortgage Centre Canada is a division of CIBC. Its independent brokers offer mortgages from CIBC Mortgages Inc., and a variety of other lenders. Like news like this?Join our CMT Updates list and get the latest news as it happens. Unsubscribe anytime. SUBSCRIBE! Thank you for subscribing. One more step: Please confirm your subscription via the email sent to you.