|Important information about the closure of FirstLine Mortgages.
On July 31, 2012 FirstLine Mortgages, the wholesale mortgage division of CIBC, ceased operations. Over the years, FirstLine provided excellent mortgage rates and service to our clients without soliciting for other banking business. By closing FirstLine, CIBC will now focus on more profitable “tied” retail clients, where only CIBC mortgages are sold and cross-selling of other banking products helps to boost profitability.
All existing FirstLine clients will be moved to CIBC for ongoing service. There will be no change to your mortgage whatsoever – rate, term or features – until renewal. At least six months prior to the renewal of your FirstLine mortgage, we urge you to contact us to review your full range of options. Your CIBC bank representative will only offer you CIBC retail mortgage products. We’d like to ensure that you are able to compare these to the dozens of non-CIBC options available to you.
If you have questions about this shift from a wholesale to a retail client, please contact us. If you have a variable-rate mortgage and are looking at locking in a fixed rate, please get in touch with us now to review your options.
While we are disappointed to lose FirstLine, there are many great lenders in the Canadian marketplace offering the best range of choice: major banks, trusts, insurers, credit unions, national and regional lenders.
As ever, we look forward to helping you navigate your best possible options: for a client-first mortgage tailored just for you.