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Thread: CIBC Deal - Mortgage and general banking
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Sat, Aug 2nd, 2014, 01:52 PM #1
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My husband is a long time customer of CIBC individually and I have posted quite a few times how much I hate my mortgage holding bank Laurentienne. In any event CIBC has been calling to the point of harassing us to get us to switch our mortgage. I'd normally not tolerate all the calls but I hate bank Laurentienne so we went in to his branch to discuss their offer. We have one more year left on our mortgage and I would have just assumed to wait a year. However they are offering 2.99 rate or they can give us 1.0 % to pay our penalty and we'd get a 3.04% interest rate for 4 years. This ends up being cheaper than keeping our current mortgage for the next year.
Individually have been a long time customer of BMO and I am pretty happy with them. I have no history with CIBC. They have a promotional special where they pay you 400 to transfer to them if you have no history with them. According to this banking person I would have to get at least get a credit card, make an online payment, and have a direct deposit payment to the account to get the 400 dollars. The woman walked me through the details. It seems worth while. I am taking a week to think about it. If any of you need to change banks or get a new mortgage, it might be worth while going to CIBC to talk about their promotional offers.This thread is currently associated with: N/A
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Sun, Aug 3rd, 2014, 02:46 AM #2
Hmmm. On the surface it does look good, but what if you had to break your mortgage with CIBC? They have one of the highest penalty rates out there (as do other major banks) Have you actually seen a commitment in writing outlining ALL the details/charges/requirements?
What type of mortgage do you hold now? Is it a fixed or variable rate mortg.? If you only have a year more to go, that's not a long time in todays interest market. . .lot of things to consider. . .
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Sun, Aug 3rd, 2014, 03:59 AM #3
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I bank with CIBC as well and they just kept calling and calling. So I went online to my profile and deleted my phone number. It has been silence ever since then.
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Mon, Aug 4th, 2014, 06:39 PM #4
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Spoken like a true Smart Canuck.
It is too bad that they require you to get a credit card to get this deal.
Just thinking out loud, wonder if you asked Laurentian if they would match CIBC deal? They may give you a better rate on your mortgage if you take the deal information into Laurentian
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Mon, Aug 4th, 2014, 10:23 PM #5
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That account has a monthly fee of $ 10 + , depending on which account you go for. You can't waive that fee , with a minimum balance. The offer details are below.
https://www.cibc.com/ca/features/tim...SPOT-Bean400-E
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Tue, Aug 5th, 2014, 09:43 AM #6
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The only thing that I see that could be attractive about this is the 1% towards your breakage penalty. However that may be a "cash back" portion that you would have to repay (pro-rated) should you break your mortgage during your term.
Whether you take the cash back portion or not, the 2.99 and 3.09 rate are pretty poor. 2.89 is readily available and you may be able to put your breakage penalty into the new mortgage as well depending on the amount.
As for the card, do you plan to use it? Whats the rate. The lowest rate out there for cards that I know of is 9.99% - compare that to the cibc cards.
Sounds like you should be shopping your mortgage anyway if the cibc offer is attractive to you.
And the $400? Who is covering the costs of the transfer and the appraisal? There are a few lenders out there that will.
So compare the cibc offer to:
1) 2.89 five year
2) credit card (not mandatory) at 9.99%
3) putting your breakage fees into the new mortgage
4) the costs of the transfer and the breakage fee being covered.Robert Ganzhorn, Mortgage Agent, FSCO#11129
Dominion Lending Centres - YBM Group
[email protected]
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