Make your home value work for you with a Home Equity Loan
Borrow against the equity in your home to finance home improvements, debt consolidation, investments, major expenses and more.
- Take advantage of competitive interest rates and repayment terms.
- Get up to US$500 or local equivalent toward your valuation fees.
Things you should know:
- Equity in your home is the current market value minus any outstanding loans you may have with us or any other financial institutions on the property.
- The equity in your home increases as you pay down your mortgage and as the market value of your home increases.
- To determine the equity in your home you will need to obtain an appraisal report to confirm its market value. This report will be requested by CIBC FirstCaribbean at a cost to you. For a limited time only, CIBC FirstCaribbean will contribute up to US$500 or the local equivalent to your valuation cost once your home equity loan is approved and disbursed. See terms and conditions for more details.
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It's easy to access home equity funds!
Here's an example to show you how it works: |
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- Property Appraised Value: $200,000
- 80% of value: $160,000
- Mortgage balance: $110,000
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- Difference between 80% value and your
mortgage balance= $50,000
- You can borrow up to $50,000
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There are differences you will need to understand so you can select the right option for you.
CIBC FirstCaribbean Home Equity Loan
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CIBC FirstCaribbean Home Equity Line of Credit
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Description: |
- Borrow a fixed amount given to you in one lump sum and repaid over a set period of time.
- As you make your monthly payments, the loan balances decreases.
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- An open line of credit with an approved amount that can be withdrawn as needed and used over and over again.
- Avoid the hassle of submitting a loan application each time you need funds.
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Features and benefits: |
- Competitive interest rate
- Up to 80% financing
- Up to 30 years to repay
- No annual fee
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- Competitive interest rate
- Up to 65% financing
- A low annual fee
- Interest is only charged on the funds you use
- Easy access to funds through your convenience card, Visa Debit or cheque
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Right for you if: |
- You know how much money you need upfront
- You have a large one-time expense
- You want to know exactly when your loan will be repaid
- You want to know your monthly payments ahead of time
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- If you have multiple expenses spread over a period of time (e.g. tuition payments, home projects, etc.)
- You have recurring expenses (e.g. tuition fees)
- If you have a lot of equity in your home and want to use the money towards investment opportunities.
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For more information pertaining to our products, please call us toll free at 1 866 743-2257 and speak with a Relationship Manager.
This promotion is valid from 25 November, 2020 to 19 February, 2021
Applicable to all CIBC FirstCaribbean territories except Aruba, Bahamas, British Virgin Islands, CuraƧao and St. Maarten.