CIBC International Mortgages

As a real estate advisors, it's important to provide clear and concise information to clients regarding mortgage options for international properties. Here's a summary of the new terms and conditions of the CIBC International Mortgages:

Mortgage Loan-to-Value Ratios by Residency and Occupancy Status:

1. Non-Resident/Non-National:

   • Non-Owner Occupied: Up to 70% for purchase, 50% for construction.

2. Non-Resident/National:

   • Non-Owner Occupied: Up to 80% for purchase, 70% for construction.

3. Temporary Resident:

   • Owner Occupied: Up to 90% for purchase and construction.
   • Non-Owner Occupied: Up to 80% for purchase, 60% for construction.

4. Permanent Resident:

   • Owner Occupied: Up to 95% for purchase and construction.
   • Non-Owner Occupied: Up to 80% for purchase, 60% for construction.

International Mortgages Basic Terms:

• Payments can be amortized up to 20 years.
• Offers competitive variable interest rates tied to the 90 Day USD SOFR or USD Prime.
• Fixed-rate options are available upon request for a maximum of 5 years.
• Terms may vary based on the customer profile and the specific island.

Basic Requirements for International Mortgages:

• Completion of account opening and mortgage applications.
• Identification and address confirmation documents.
• Bank statements for the last 6–12 months and tax returns for the last three years.
• A bank reference and a job letter confirming employment details.
• A net worth statement and a credit bureau report.
• A copy of the signed sales agreement and an appraisal report.

These are general guidelines, and unique circumstances may affect individual applications. For personalized assistance, clients can contact Sean Blyden, Senior Relationship Manager Sales and Platinum Banking, or Minerva Cartwright, Associate, Platinum Banking, at [email protected]