![]() Protection for your home is required for mortgage funds to be advanced Protects your home in case of damage by fire or other risks covered by the policy Premium may be added to the principal amount of the mortgage and repaid over the same amortization period. The insurance does not protect the homeowner, who still has to repay the lender or the insurer. You are required to have this insurance if you have a high-ratio mortgage or certain other types of mortgages Protects lender when borrowers can't repay their mortgage ![]() Also, the minimum mortgage amount is $10,000.ĬIBC mortgages are available across Canada on new or existing properties ranging from detached single-family homes to 4-unit dwellings or individual condo units. You can use a CIBC mortgage to buy a property, transfer a mortgage from another financial institution, and for mortgage renewal, refinancing and assumption. Conditions apply to each.įind out how much mortgage you can afford with our mortgage affordability calculator. You might need a guarantor if you can't meet all the lending criteria on your own.
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