FirstLine (CIBC)
In 1995, CIBC bought FirstLine Trust, the company that initiated the mortgage-backed securities business in Canada, and transformed it into FirstLine Mortgages, a division of CIBC Mortgages Inc. CIBC is a leading financial institution in North America. As part of the CIBC group of companies, FirstLine has the stability and credibility required for long-term commitments with its clients. Through the CIBC group of companies, FirstLine has access to the competitively priced sources of funds necessary to offer attractive mortgage rates.
CIBC has invested in FirstLine and as a result FirstLine has grown from originating $0.5 billion in mortgages in 1995 to originating $10.0 billion in 2005. An average growth rate of 190% per annum.
| Minimum Mortgage Amount | $10,000, but $40,000 for switches |
|---|---|
| Portable | Yes, upon qualification |
| Amortization | 5 Years Minimum, 35 Years Maximum |
| Assumable | Yes, except for Matrix LOC product |
| Rate Guarantee | Up to 120 Days |
| Preapprovals | Yes |
| Payment Frequencies | Weekly, Accelerated Weekly, Bi-Weekly, Accelerated Bi-Weekly, Semi-Monthly,Monthly |
| Early Payout Penalties | Greater of 3 Months Interest or IRD for closed Fixed Rate Mortgages, 3 Months Interest for Closed Variable Rate Mortgages. |
| Prepayment Privileges | Prepay up to 20% of mortgage amount per year, + increase Payments by up to 25% per year. Must be done on scheduled payment date. |
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