How much Cashback can you get?
Are you a first-time home buyer looking to cover moving costs, legal fees, moving cost or other expenses? Or maybe you’re thinking of refinancing and need additional equity? Perhaps you want to make some home improvements and need funds to jump-start the renovations? If so, a Cash Back Mortgage could be your solution.
We offer cash back ranging from 1% to 5% of the total mortgage loan amount (to a maximum of $25,000) on fixed rate closed mortgages. As a result, funds can go towards moving costs, repairs, renovations, or investments. The flexibility of a Cash Back Mortgage lets you decide how much cash back you need, therefore how to spend it. To be eligible for cash back, you are required to provide proof of down payment.
You must keep your mortgage with the lender for the term stipulated in the contract.
Does the bank require a repayment?
Your Cash Back Mortgage is an addition loan amount that is deposited to your bank account once your mortgage has been funded.
The cash back is yours if you keep the mortgage to the maturity date (3, or 5 years) otherwise you will have to pay back a pro-rated amount of the cash back. This pro-rated amount is due if the mortgage is cancelled, transferred or it becomes delinquent before the maturity date. The amount is then added to the Discharge Statement.