Cash Back Mortgage is a product where the lender gives back the borrower some cash, on the closing date. The amount you get back will vary depending on the lender and the size of your mortgage costs. It is usually between 1-7% of the size of your mortgage.
The benefits of a Cash Back Mortgage include:
- They offer monthly payments that are relatively small
- You can use the amount received for investment in your RRSP or RESP
- It could be a viable option for refinancing your home
- It may come in handy if you need to make repairs in your home before you move in
Consult with our trusted Mortgage Broker on the viable product that suits your need and how to go about it.