CIBC Mortgage CashBack Offers Provide Greater Flexibility to Toronto Homebuyers
TORONTO, Dec. 4 /CNW/ - CIBC (CM: TSX; NYSE) - A mortgage cashback offer from CIBC gives homebuyers in Toronto the flexibility to allocate these funds to pay the new Toronto Land Transfer Tax - or to offset other closing expenses related to purchasing their home. Clients want a choice when it comes to their mortgage cashback offer. Some may use it to pay the new city tax, while the significant number of Torontonians who are not affected by this levy can put it towards lawyers' fees or household purchases such as furniture or appliances. Buyers with certain closing or purchase agreement dates and first-time homebuyers may not have to pay the new city tax in full or at all, said Raza Hasan, Senior Vice President, Mortgages and Lending, CIBC Retail Markets. "These buyers are more likely to require cash back on closing for household purchases instead of the new land transfer tax and want the flexibility to use the funds based on their individual needs," he said. CIBC advises all homebuyers to take a broad view of their closing costs and the expenses related to moving into their new home before deciding which mortgage offer is right for them, since each person's situation is unique. For more information on CIBC's mortgage lineup and cashback offers for clients, visit http://www.cibc.com/ca/mortgages/article-tools/up-to-5prct-csh-bck.html CIBC is a leading North American financial institution with nearly 11 million personal banking and business clients. 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, CIBC, (416) 980-3714