Determining Your Mortgage Affordability With CIBC: A Comprehensive Guide

Are you considering buying a home and wondering how much mortgage you can afford? Well, buckle up because this article will explore comprehensive methods that CIBC provides for determining your mortgage affordability. We will delve into the online banking platform, mobile app, and customer service call method.

Option 1: Online Banking

With CIBC's digital banking platform, you can effortlessly check your mortgage affordability. Here's your step-by-step guide:

• Visit the CIBC homepage and click on the 'log on' button.
• Access the 'Mortgages' section under 'Loans and Lines of Credit' in your account.
• Select the option 'Mortgage affordability calculator' and input your information: your income, down payment, property tax, and monthly obligations.
• Select 'Check Affordability' and allow CIBC's sophisticated algorithms to do the calculations for you.
• You will receive an estimate of your maximum achievable mortgage.

This method ensures convenience, speed, and efficiency, allowing you to explore various scenarios comfortably at your convenience.

Option 2: Mobile App

Always on the go but need to figure out your mortgage affordability? Don't worry, CIBC has an app for that. Follow along:

• Download the CIBC Mobile Banking App from Google Play Store or Apple App Store.
• Login into the app with your credentials.
• Tap on the 'More' icon at the bottom right corner, then select the 'Mortgages' section.
• Access the 'Mortgage Calculator' section. Fill in the necessary details regarding your income, expenses, down payment, and tap 'Calculate'.
• The app will instantly show you the mortgage amount you can afford.

The CIBC Mobile Banking App affords the convenience of doing the math on the go, keeping your home-ownership dreams alive and actionable wherever you are.

Option 3: Call Customer Service

If you prefer a more personalized guidance when calculating your mortgage affordability, calling CIBC's customer service is your go-to. Here’s how it works:

• Call CIBC's customer service at 1-800-465-CIBC (2422).
• Speak to a customer service agent who will guide you through CIBC's mortgage calculator tool.
• The agent will ask questions about your income, expenses, debts, and down payment.
• After providing answers, the agent will then be able to calculate how much mortgage you can afford.

This method offers a more detailed analysis of your finances and provides you the opportunity to ask questions and have them answered by professionals.

Conclusion

Understanding how much mortgage you can afford is the first step towards owning a home. With CIBC, you can easily assess your mortgage affordability using multiple methods – online banking, mobile app, or through a call to customer service. Remember, home buying is a significant financial decision. Always strive to make informed decisions based on your financial circumstances rather than the maximum you can borrow.