CIBC AND SUTTON REALTY ANNOUNCE TWO MORTGAGE PLANS
By Adnews Staff
The Canadian Imperial Bank of Commerce and Sutton Group Realty Services have joined forces to offer customers two mortgage packages that can help them save money. The two plans are called Sutton 412 and Sutton Select 6. Using Sutton 412, homebuyers receive an immediate cash rebate. The rebate is the difference of 4% for the first year of 12 monthly payments. For example, if a homebuyer takes a $100,000 mortgage for six years at 6.95%, the principal and interest would be $697.33 per month. When the rate is discounted by 4% to 2.95%, the principal and interest is $470.68 per month. The difference between $697.33 and $470.68 is a monthly savings of $226.65. Over the 12 months, this monthly savings translates into a $2,719.80 cash rebate. The Sutton Select 6 provides extended cash savings over the term of the mortgage plus an up front cash rebate of one percent of the funded mortgage. The posted six-year mortgage is discounted by .55%. For example, a $100,000 mortgage at 6.95% for six years would cost $697.33 a month. When the rate is discounted .55%, the principal payments become $663.77 per month, creating a monthly savings of $33.56. This translates into an annual savings of $402.72, and over the six years, the customer saves $2,416.32. When the $1,000 cash rebate is included, the customer will save $3,416.32. Individual Sutton associates are responsible for promoting the two plans.