Cash Back Mortgage
What is it?
A cash back mortgage is an option for you to access cash up front as part of your mortgage. The money is a lump sum that is not part of your home purchase price.
Cash back mortgages can be useful for first-time home buyers that have put down a minimum down payment.
When do you get your payment?
Your cash back is paid on the date your mortgage is advanced. This can be a great boost for helping new home owners cover immediate expenses. It is perfect for closing costs, moving expenses, a new sofa or or any of the little extras that might come up for that first home.
Where does the cash come from?
The money you receive comes from you, it’s built into the mortgage. You will be paying it back, and the advantage is that it will be at a lower interest rate than a credit card.
Not all cash back products are the same. You need to know all the facts about the rate (it could be higher), the total amount of your mortgage, length of your mortgage and the usual qualifying factors such as down payments, income, credit and debt. The money you receive will not need to be paid back as long as you keep paying your mortgage to the end of your term.
Our brokers can walk you through all of the available cash back home mortgages available across your province.
We strive to stand out from the everyday mortgage lender and bank. If you are purchasing your first home we will help you though what can be a daunting process and we will find you the best products, rates and lenders to suit your needs. Much more than mortgage professionals, we are always looking for ways to go above and beyond for our clients. We offer ongoing strategies, programs and incentives to help ensure your financial success!
Contact us to learn more!