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Mortgage Centre Gets CIBC’s Cash Back Product

Mortgage-Centre 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.