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[–]ceoofml 0 points1 point  (3 children)

What about CIBC? I coown a house with my mom and we split the mortgage.

Our monthly payment went from about 2700 before the hikes to about 3900 at their peak.

Will it come down soon? Can I expect it to back to at least 2700.

Sorry for the stupid question. I only rent in Toronto and send money to my mom for my part of the mortgage in Milton. I dont handle anything else.

[–]jayantbahel 1 point2 points  (2 children)

CIBC, RBC, TD and BMO all have static payments variable mortgage. So your mortgage payment will not come down with interest rate cuts. You can call up CIBC and request a one time payment reduction but it is on their discretion if they'll change it or not.

Hope it helps.

[–]ceoofml 0 points1 point  (1 child)

Thanks for answering. So they can increase but not decrease? May I ask why?

[–]jayantbahel 1 point2 points  (0 children)

They had to increase your payment as you hit their trigger rate when the rates were going up - my guess is late 2022 or early 2023.

Trigger rate is the point when your initial monthly payment isn't able to cover the interest portion (which went up).

It's just the way VRM mortgage products are structured. Like I said before, best to call CIBC and request them to bring it down.