Mortgage loan must have a principal of $100,000 or more, and be either a CIBC Fixed-Rate Closed Mortgage loan with a term of 3 years or more or a CIBC Variable Flex Mortgage loan. You must have a personal CIBC chequing account, and pre-authorized mortgage payments must come from a CIBC bank account. The CIBC Flexible GIC guarantees your principal and interest, while giving you the option to cash out early, after 30 days, without penalty. The CIBC Variable Rate GIC guarantees your principal, while offering you a variable interest rate that is linked to the CIBC Prime Rate and the option to cash out early, 5-year variable mortgage rate defined. A variable mortgage rate fluctuates with the market interest rate, known as the 'prime rate', and is usually stated as prime plus or minus a percentage amount. For example, a variable rate could be quoted as prime - 0.8%.