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Cash Back Mortgage

You might wonder why in the world you would want to obtain or use a cash back mortgage after you just spend all this time saving right. Good call, the cash back mortgage is not the right mortgage product for everyone and should only be considered if you have a use for the money you receive back from the lender after the completion of your mortgage.


Why might you want to entertain a Cash Back Mortgage?

         You would like to use the 5% Cash Back Mortgage to apply against a really high rate on a credit card

         You have a lot of room on your RSP contribution and you would like to contribute as much as possible and receive a tax credit

         You believe you can earn a rate of return on your money that is greater than the cost of your mortgage interest rate. For Example: Your mortgage rate is 3.29% on a 5 year fixed rate, and your investment advisor feels he/she can earn you a rate of return exceeding 7 %.

         The home you are purchasing does need a little bit of TLC, and after your down payment you feel it would be too much of a stretch to do any repairs. As a result you obtain the cash back mortgage and use the cash back money to do the repairs you desire NOTE: In this situation you may want to also consider the purchase plus improvements mortgage


Of course, if you arenít sure if this is the right mortgage product for you, donít worry too much about it, because thatís why we are here, we want to help you understand your mortgage options, and which one is a good fit for you!





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