80-year Amortization at CIBC?
80-year Amortization at CIBC were caused by CIBC not increasing monthly mortgage payments on their Variable-rate products despite hitting the trigger point. Their actual amortization period has even hit 80 years for some clients. CIBC customers are still paying the same amount which isn’t even covering their interest anymore.
If this is you… contact CIBC or me and discuss what you can do to change this. Knowing your lender is as important as the rate you received!
Things you could do:
- Increase your payments accordingly
- Lump-sum payment
- Convert your variable-rate mortgage into a fixed rate mortgage (penalty free)
- Break your current variable-rate mortgage and shop for a better rate and product that suits your monthly budget (3-month interest penalty)
All ways to off-set your 80-year Amortization at CIBC.