The Canadian Bank of Commerce was founded in 1867, while the Imperial Bank of Canada began in 1875. A century and a half later, the company is still in business. The two banks merged in 1961, and thus the Canadian Imperial Bank of Commerce (CIBC) was born.
One of the Big 5 banks in Canada, CIBC has a high profile and presence across North America, including the U.S. and the Caribbean, serving more than 10 million customers. CIBC Bank USA formally started operations in 2017, marking the lender’s most recent attempt to become a significant player in the American market.
While the bank has customers across all 50 states, it has a particular focus on the Midwest. For instance, private wealth management offices are located from coast to coast in Massachusetts, Texas, California and so on; yet CIBC’s ATMs and banking centers are only available in Illinois, Michigan, Missouri, and Wisconsin. The bank’s U.S. headquarters are located in Chicago.
CIBC has a full breadth of services and products including: bank accounts, credit cards, student loans, mutual funds, investment portfolios, travel insurance, business lines of credit, banking for indigenous persons, business succession planning, large corporate accounts, and international services.
Of most interest to would-be homeowners are the numerous mortgage products and resources the bank offers. While there is some difference in home lending options across borders, CIBC generally offers customers fixed-, adjustable-rate, and specialty mortgages. Borrowers on either side of the 49th parallel can take advantage of the online guides, calculators, videos, and other resources available on the bank’s website.
CIBC Mortgage Facts
- One of the Big 5 banks in Canada, it is the product of a 1960s merger between two banks established in the 19th century
- Expanded into American banking operations with a 2017 acquisition relaunch as CIBC Bank USA
- Serves customers across the nation, but has a more substantial presence in the Midwest
- Offers a wide range of personal and small-business banking services,
- Provides wealth management and commercial banking for industry customers
- Extends a variety of fixed-, adjustable-rate, and specialty mortgage products
- Has online resources for borrowers to consult, including a mortgage glossary and guidance on regulations
CIBC has operations across Canada and the United States, as well as in the Caribbean, providing 10 million customers with banking, savings, investment, and lending services. The bank has a long history, being the result of the merger between two Canadian banks started in the 19th century.
Having been in business for more than 150 years, CIBC has developed four strategic units: Canadian personal and business banking, Canadian commercial banking and private wealth management, U.S. commercial banking and private wealth, and capital markets. Alongside providing quality products and services, CIBC focuses on community investment, having contributed more than $60 million in 2018 to different organizations in the U.S. and Canada.
CIBC has an F grade with the Better Business Bureau. While the bank does respond to and resolve complaints, 22 in all have been settled in the last three years. The lender is not yet accredited by the BBB, though its file has been open since 2008. CIBC also has very low user reviews on Trustpilot. CIBC Bank USA, however, has A+ grade, having been under the CIBC umbrella since 2017.
Current CIBC Mortgage Rates
CIBC Loan Specifics
Borrowers looking for a home loan can find a number of options and mortgage rates at CIBC. In general, customers in any of the 50 states can get financing for a:
These home loans are ideal for borrowers looking to settle down for the long term. They feature fixed rates and flat payments throughout the life of the loan and are available on 30-year or 15-year terms. As payments are predictable and terms are longer than those of adjustable-rate mortgages, these loans might be ideal for homeowners who don’t plan to move around or have tight budgets.
As opposed to having a fixed rate, these mortgages features a floating rate that changes with the prevailing market. The interest rate stays fixed for an introductory period, but then rises or falls on a periodic basis that is predetermined that could be once a year or once every six months, for example. The benefit of adjustable-rate mortgages is that interest rates for these products tend to be lower, yet rates can increase with market fluctuations after the initial fixed-rate period and hike up monthly payments in the process.
Specialty mortgage products
Home loans that suit niche borrowing needs are also available from CIBC. For instance, customers can pursue a construction renovation loan to finance a home makeover or a home equity line of credit for other financial needs. The bank also offers reverse mortgages, which are geared toward senior banking customers who can leverage their home to pay health care needs and other expenses in retirement.
This option comes with a low down payment requirement to make homeownership more affordable. There’s no private mortgage insurance and flexible underwriting standards apply.
Certain borrowers may look for government-backed loans, like those available from the Federal Housing Administration, the Department of Veterans Affairs, or the U.S Department of Agriculture. These loans usually come with more favorable terms for qualifying borrowers and are an option for those with insufficient credit or low cash flow. CIBC Bank USA does not publicize government-backed opportunities or jumbo mortgages for non-conforming home loans. It does, however, offer cash-out refinancing.
CIBC Mortgage Customer Experience
Borrowers have an easy route to a mortgage when working with CIBC, as they can view mortgage products, apply for a loan, and access other information resources online. CIBC Bank USA does not have as robust a resource library as CIBC’s Canadian homepage, but that doesn’t stop stateside homeowners from referencing educational materials featured on the latter.
U.S. borrowers will want to focus on how-to guides and advice content on subjects like first-time homebuyers, second homes, or what mortgage and what mortgage rate is best. Customers can, however, view the mortgage team at CIBC Bank USA and find contact information for those experts.
CIBC Lender Reputation
There is some concern when it comes to CIBC’s lender reputation in Canada, as the bank has an F rating from the Better Business Bureau. CIBC Bank USA, on the other hand, does have an A+ but has only been in business since 2017. The lender has closed 22 complaints against it in the last three years (as of early 2019) and is not accredited by the BBB. It has similarly low ratings from Trustpilot users.
Previous controversies have also affected this lender’s reputation. CIBC was involved in the Enron scandal, allegedly helping the company hide losses. As a result, it reached a settlement of over $2 billion to end a related class-action lawsuit. It has also run into trouble regarding customer privacy. The bank was previously investigated for a breach of sensitive information in 2007 and recently came under fire again in 2018.
CIBC Bank USA uses the NMLS identification number: 619817
- Information collected on Jan. 21, 2019
CIBC Mortgage Qualification
CIBC Bank USA does not disclose its rates or qualification standards. However, American borrowers can be sure that normal measures of financial stability and creditworthiness are in play. That means the bank will assess credit scores, debt-to-income ratios, and other requirements to gauge the risk in lending to a given borrower. For easy reference, here’s a basic table of how credit score figures into the decision.
|Credit score||Category||Likelihood of Approval|
|760 or higher||Excellent||Very likely|
CIBC Phone Number and Additional Details
- Homepage URL: https://www.cibc.com/US
- Company phone: 877-448-6500
- Headquarters address: 120 South LaSalle St., Chicago, IL 60603