What is a Mortgage
What is a Mortgage?
Loan to finance the purchase of your new home
What is the first three things a lender will look at?
Your credit report, income and down payment
What are the main two types of mortgage products?
Fixed and Variable
When does the bank actually approve the mortgage loan?
After you purchase a home
Effective November 18, 2024 - what mortgage payment option is no longer available for new applications, refinances, rebalances and transfer-ins
Property Tax Component
What is the longest possible amortization on a mortgages?
30 years
What is the maximum percentage of cashback we can offer for a cashback offer at renewal?
5%
What terms can a client select to convert their 6 month convertible mortgage product into without penalty?
1 year and up (including 3 and 5 year VRM) - NO OPEN TERMS
What is the minimum loan amount for a mortgage?
$10k
If a client sells their house, what is the time period in which a client can return to complete a PORT
120 Days
Mortgages payments are made up of two main parts. What are they?
Interest and Principles
How long can CIBC hold rates for new applications?
120 Days
Can a client convert their 1 Year Open fixed rate product into a VRM OPEN term?
Yes (for insured loans - as long as they have been in open fixed rate term for 6 months from funding IAD)
When you apply, the bank will send this person to assess the value and condition of the home. What is this person called?
An Appraiser
Which CIBC employees do NOT qualify for staff rates
CIBC Mellon employees, contingent workers, temporary employees
What are the two types of charges place on a home?
Collateral and Conventional
How long can CIBC hold rates for transfers & refinances?
60 days
Name ONE of the three different default insurance companies in Canada
Sagen (Genworth), Canada Guarantee, CMHC
Does a guarantor qualify for staff rates?
Only if property is matrimonial home
Victor Dodig is CIBC's President & CEO, name ONE of our SEVP team
Shawn Beber, Harry Culham, Frank Guse, Heather Kaine, Christina Kramer, Kikelomo Lawal, Hratch Panossian, Susan Rimmer, Robert Sedran & Sandy Sharman