† Apply for a new CIBC Home Power Plan by February 28, 2018, and open the line of credit component by April 30, 2018; subject to credit approval. A $250 property valuation fee applies. CIBC may change or cancel this offer at any time without notice. Other conditions apply. Offer ends February 28, 2018. This offer is only available to applicants that do not hold a CIBC Home Power Plan at the time of application, unless the CIBC Home Power Plan to which this offer applies is not secured by the same property securing the applicant’s existing CIBC Home Power Plan.
CIBC Home Power Plan is offered by CIBC. All CIBC Home Power Plan applicants must meet CIBC’s lending criteria. Minimum borrowing amount is $10,000. Minimum equity in your home is required to qualify. Available on residential properties only. Some conditions and restrictions apply.
CIBC Prime is the variable rate of interest per year declared from time to time to be the prime rate for Canadian dollar loans made by CIBC in Canada. The interest rate on the line of credit component of your CIBC Home Power Plan will change whenever CIBC Prime varies. CIBC Prime rate was 2.70% on July 7, 2017. On March 5, 2018, your rate will revert to the ongoing interest rate stipulated in your CIBC Home Power Plan – Line of Credit and Mortgage Loan Terms and your CIBC Line of Credit Statement of Disclosure.
The Annual Percentage Rate (APR) is based on a new $275,000 mortgage for the applicable term and a 25-year amortization assuming a Property Valuation Fee of $250.
APR means the cost of borrowing for a loan expressed as an interest rate. It includes all interest and non-interest charges associated with the mortgage. If there are no non-interest charges, the annual interest rate and APR will be the same.