Mississauga Mortgage Brokers Mississauga Mortgage How to get the best rates How to buy a home Buying a home GTA

Up To 7% cashback on your new mortgage?

What is Cash Back Mortgage?

A Cash Back Mortgage offers a cash rebate at the time of closing between 1% – 7% of the total mortgage.  Cash Back Mortgages are available for Purchase loans as well as Refinance loans.

Benefits of a Cash Back Mortgage

Purchasing a home and need extra funds?

  • Settling closing costs
  • Buying furniture
  • Paying off other debts/debt consolidation
  • Pay off child’s education costs
  • For investments
  • For renovations
  • Pay off mortgage penalties incurred from Refinances
  • Is Tax-free

So, What’s the catch?

A Cash Back Mortgage provides borrowers with money upfront, hence the loans tend to have higher interest rates than standard mortgages.  And if you need to refinance your mortgage or break the term early, depending on the lender, you may have to return your cashback for the entire amount or for a pro-rated amount.

While the money provided by a Cash Back Mortgage can be very helpful when you’re cash-strapped.  It is still part of the home loan and must be paid back!  In conclusion…you would need to evaluate your situation to determine if the cash upfront is worth the interest rate hike.

We, at team Rick Sekhon, are mortgage experts that will sit down with you and explain exactly what is involved in a Cash Back Mortgage; how much of a cashback you can get and how much you can afford to borrow.  We pride ourselves in taking the time to explain which is the best mortgage for you or how much we could help you save right now.

Contact ustoday for your free NO Obligation mortgage consultation!

Apply Now

 

No comments yet.

Leave a Reply