TORONTO, April 27 /CNW/ - Clients of CIBC can now benefit from lower
mortgage insurance costs, following the passage last week of Bill C-37.
Under previous legislation, clients that could not make a 25 per cent
downpayment were required to purchase mortgage insurance. Bill C-37 lowers
this requirement to 20 per cent.
"We are pleased to offer immediate savings on mortgage insurance to
clients with a 20-per-cent downpayment," said Raza Hasan, Senior
Vice-President, Mortgages, Lending and Insurance, CIBC. "These savings will
help clients cover other costs related to their home, or to save for the
This new mortgage option has been available at all CIBC branches since
April 23, as well as through CIBC's telephone and on-line banking services,
and mortgage specialists.
CIBC is a leading North American financial institution with almost
11 million personal banking and business customers. CIBC offers a full range
of products and services through its comprehensive electronic banking network,
branches and offices across Canada, in the United States and around the world.
You can find other news releases and information about CIBC in our Press
Centre on our corporate website at www.cibc.com.
For further information:
For further information: Rob McLeod, (416) 980-3714