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Thread: CIBC Mortgage Specialist

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    Default CIBC Mortgage Specialist

    I'm currently on a fixed rate of 1.76 percent with just under 2 years remaining. I'm planning to move by the end of the year into a different home which will be approx 80k more on top of my current mortgage.

    I wanted to talk to a non retail bank mortgage specialist to answer some questions about blended rate and how long i have to port my mortgage in the event i sell my house before I move into the new one.

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    Bump, still looking for cibc mortgage specialist contact

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    "Non-retail CIBC mortgage specialist" is a contradiction in terms.

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    Sounds crazy, but you may have the best luck using the "request a call" feature on the main CIBC website under the mortgage section.
    https://www.cibc.com/en/personal-ban...st-a-call.html

    I mean, you may be looking for something that doesn't exist, but at least you may be able to find someone other than the dude in your local branch.
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    You realize you are talking to the guy who made his own furniture out of salad bowls right?

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    Not sure why you think a mobile specialist is any better (this is the other option from branch)? At least in branch they see higher volumes?

    I only deal with the “mortgage options” side of cibc (aka, the alternative desk)… probably not helpful as an expert on CIBC’s core products, but let me know if you want a number

    From experience though, there will be a minimum term length extension to blend and extend without penalty, and if you do not align closing dates then you will most likely have to pay the penalty on closing of the sale and after closing the purchase they will rebate it, it might be as cash, it might go towards a prepayment, but chances are high that it’s going to not be as ideal of a situation as just closing same day, the grace periods are often something like 30-90 days though

    Blended rates are also typically not as low as one hopes, especially if you’re increasing the loan size. They also will not be a priority for anyone working on commission as they typically don’t pay much, calling your renewals person is probably the best way to go on get in touch with the right person to do it.

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    OR tell CIBC to fuck off and get the next mortgage from a broker..... I have enjoyed my experiences with the mortgage broker that sponsors this forum.

    https://forums.beyond.ca/threads/378...ates-and-FAQ-s
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    You realize you are talking to the guy who made his own furniture out of salad bowls right?

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    Quote Originally Posted by ExtraSlow View Post
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    OR tell CIBC to fuck off and get the next mortgage from a broker..... I have enjoyed my experiences with the mortgage broker that sponsors this forum.

    https://forums.beyond.ca/threads/378...ates-and-FAQ-s
    Really good advice IMO. I have my reasons for not liking CIBC, but even if I didn't, I'd still prefer to support a broker from the forum. I'd do the same if I ever need a mortgage again (unlikely), but I'd also support using Beyond for a realtor, Jordan for example, who has already given me advice/help re finding a Calgary home with an indoor pool. So ya, Extraslow gets points.

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    I'm a suspicious fuck, so I price check my mortgage broker at every renewal.
    Quote Originally Posted by killramos View Post
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    You realize you are talking to the guy who made his own furniture out of salad bowls right?

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    Trusting a bank is like trusting a drunk maritimer with a loaded gun.

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    So worst case blend n extend scenario… 5yr, cibc posted rate (not the in market “special” rate) of 6.74%

    Assume he owes… $300k?

    Now this is a rough calc, using simple interest… but will give you an idea, I’ll write it out so you can do your own calcs based on your own numbers:

    2yr remaining, but let say 18 months by closing:

    $300k @ 1.76% for 18 months = $7,920
    $80k @ 6.74% for 18 months = $8,088
    $380k @ 6.74% for 42 months = $89,642

    Total is $105,650/5yr = $21,130/$380k = 5.56%

    Which is basically in market for current rate, but then you’d have a 3 month interest penalty (as IRD won’t apply on a 1.76% loan) if you took it else where… but if that’s the case I probably would, as a fixed 5yr will most likely see an IRD next time, and those are way more fair at a monoline.

    If the variables change it’s possible it’s better to leave it where it is (especially if they actually give you the special rate, or you do less than a 5yr term). You need to do this yourself, as everyone else will have their own interests in originating (or not) your new mortgage

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    Quote Originally Posted by ExtraSlow View Post
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    I'm a suspicious fuck...
    I'm sure you're a great fuck. Don't be so hard on yourself.

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    Quote Originally Posted by ThePenIsMightier View Post
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    I'm sure you're a great fuck. Don't be so hard on yourself.
    *** narrows eyes ***
    Quote Originally Posted by killramos View Post
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    You realize you are talking to the guy who made his own furniture out of salad bowls right?

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    I prefer a mortgage specialist who works on commission as they tend to work harder for you. I've had bad experiences with retail bank workers and just want someone to get it done.

    I'll be needing a max of 75k more mortgage. I would hate to get out of my low fixed rate now and sign the whole new mortgage at current rates. I went to one cibc bank and one person told me it's 2 months portable and the other person said 3. There was no manager to speak to at the time so I'm done dealing oath branch employees

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    You think a bank would put their mortgage flunkies on commission?

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    Quote Originally Posted by suntan View Post
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    You think a bank would put their mortgage flunkies on commission?
    I know kinda know a guy who works for BMO but he's completely independent and relies on generating his own business, big or small mortgages he does. He's friends with a friend so I know there are brokers like that.

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    Commission is usually paid on new money, so good luck there… but it sounds like you want a mobile advisor then:

    https://advisor.cibc.com/mortgage

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    1.76 is so dang good
    Originally posted by rage2
    Shit, there's only 49 users here, I doubt we'll even break 100
    I am user #49

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    Didn't beyond have a "Mobile Mortgage dude" from TD or something once? Many many years ago I chatted with him, I swear.
    Quote Originally Posted by killramos View Post
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    You realize you are talking to the guy who made his own furniture out of salad bowls right?

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    120 days portable mortgage, that's not too shabby

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    [email protected] was the mortgage guy our banker at CIBC gave us, we ended up using a broker...

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