What CIBC Caribbean publicly states
CIBC Caribbean offers home-purchase, construction, refinance and home-equity mortgage solutions.
Mortgage pricing is not determined by a headline rate alone. The lender may consider income, existing debt, credit history, down payment, the property, loan-to-value, term, employment profile and other underwriting factors. Where a reference rate or promotional figure is shown here, it should be treated as a starting point for research rather than a guaranteed customer offer.
Mortgage requirements
- Sales agreement for a purchase
- Bank-instructed valuation
- Source of deposit and closing costs
- Proof of income
- Know-your-customer documentation
- Construction cases require approved plans, fixed-price contract and quantity-surveyor documentation
Financing and lending considerations
- Mortgage indemnity/high-ratio premium is required where financing exceeds 80%.
- CIBC also offers land-loan and mortgage-switch options.
Before you apply
Prepare your income evidence, current debt statements, proof of down payment and property documentation before the formal application. Ask the lender for the current annual percentage rate or effective borrowing cost, the repayment schedule, all acceptance/processing fees, mortgage-indemnity requirements, valuation/legal costs and any conditions that can change the rate later.