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:
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 Mortgage Centre Canada is a division of CIBC. Its independent brokers offer mortgages from CIBC Mortgages Inc., and a variety of other lenders.
The last time I checked, CIBC/FLM was a major source for mortgage originations within the CIBC group of companies?
Limiting release of this product to only their own brokerage family and running the risk of alienating the rest of the brokerage comunity who deals with CIBC/FLM is an interesting approach…
“Interesting approach.” LOL.
That’s one way of putting it. I’d like to call it something else but this is a family website.
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