Firstline Mortgage Ends Mortgage Operations in Canada
CIBC, the parent company of Firstline Mortgages, has decided to transfer all the operations of Firstline directly under the CIBC banner. This affects many of our clients, as Firstline was always one of our preferred lenders, with exceptional rates, pre-payment terms and a long standing relationship with our company going back almost 20 years.
If you have an existing Firstline mortgage, you will not notice any difference in your payments, term or mortgage amortization.
Where you will notice a change is on the renewal or refinance of your mortgage, as CIBC will be renewing/refinancing all existing Firstline mortgages as new CIBC mortgages. This is important information for our clients, as CIBC may not have the advantages Firstline had and we don't want our clients to assume it is OK to go ahead and renew/take a new mortgage with CIBC.
Now, more than ever, clients of Firstline should be very careful and ensure they shop rates when the renewal on their existing mortgage comes up.
As always, please get in touch with us if you are planning a move, wanting to refinance or just renewing your mortgage so we can look at whether it makes sense to stay with CIBC or not. This, of course, is good practice regardless of your existing lender. We're here to help!
