What’s Up With CIBC Mortgage Rates?

By Off

The ever changing and fluctuating real estate market has brought about new and innovative mortgage refinancing options for RBC mortgage rates. When refinancing a mortgage you want to make sure that you have the best interest rate available to you. So what is a good way to find out how your interest rates are now? The simplest way is to look at your current mortgage. The last time you refinanced your mortgage there may be a different type of mortgage rate, or you may not even be getting a fixed rate for your mortgage refinance. Either way, here is how you can check your current mortgage interest rate.

RBC Mortgage Rates If you use an online service to do a comparison on your current rbc mortgage rates then you will get an instant comparison of your current mortgage rates. There are several mortgage service providers that offer instant online quotes. Here is how they work. You sign up with them as a customer and then you will receive a quote from all the major lenders including CIBC, Investor’s Bank, Scotiabank, and the Royal Bank of Canada. Here you can see the rate that is being offered to you and if you wish to prepay your existing mortgage early or pay a higher rate you choose.

CIBC Mortgage Rate One of CIBC’s newest mortgage refinancing packages is the Self-Owned Plan. This is a great option for self-employed people who want to get competitive rates. With this package your income is taken into consideration when determining your interest rate. There are no tiered pay points and you will not be eligible for cash back. If you need cash back this is not the way to go.

Bank Rate In addition to getting competitive mortgage rates from CIBC there are also other options available. For example there are a few major Canadian banks that also have mortgage products like the CIBC Home Loans. These mortgage products were specifically designed for the self-employed and are now offered by a number of different lenders. The two largest players in the market are TD Mortgage and Bank of Nova Scotia. Although you may not qualify for the rate structures offered by the big banks, there are still a number of mortgage products that are offered directly by these two large players.

The RBC Mortgage Brokers Another way to lower your mortgage rates is to find a high quality bank which offers the services of CIBC mortgage brokers. There are some very good and very experienced brokers with prestigious experience in the market. They have access to the most mortgage products from the largest banks in Canada and they know exactly what the various options are. The brokers also have access to funding costs and loan programs that the largest banks do not. When you use an RBC mortgage broker you also will have access to all the latest news and information on Canadian mortgage rates. You also will be able to learn the latest news and updates on home building and buying activity in the area as well as lending and financing products from CIBC.

Either option is a great way to get competitive interest rates on the type of mortgage product that you are looking for. It makes sense to compare both options which are described above to determine what is best for your situation. If you want to go with CIBC, then go ahead and find the right home loan package and get locked into the same interest rate on a fixed rate mortgage for years to come. However, if you are looking for a lower monthly payment, then consider either going with a CIBC mortgage broker or using the service of the biggest Canadian lender.