Purchasing a home is an expensive life step. Between your mortgage, downpayment, closing costs, moving costs, and all those little fees you forgot about, it can seem like saving up all that money is next to impossible. That’s where a cash back mortgage comes in. This type of mortgage can help you cover all of those costs without needing to save up the funds.
How Does It Work?
Cash back mortgages are relatively simple to understand. When your mortgage closes, a percentage of your mortgage principal will be returned in a lump sum. Of course, this is only after a downpayment has been made. This cash rebate can be used for whatever you need at that time. Need to repaint that bedroom or pay off fees from your last place? However you use your cash rebate is entirely up to you!
Who Is Eligible?
For many people, the idea of receiving cash to help them out at the beginning of their homeowning journey is an absolute dream come true. However, there is some eligibility criteria in order to make those dreams a reality. For starters, having a high credit score will help your case immensely. Secondly, borrowers must have a relatively low debt-to-income ratio. Lenders want to make sure that you aren’t biting off more than you can chew. And finally, borrowers should have a steady income that can be documented. Because interest rates are higher and penalty fees undesirable, lenders need to know that this cash rebate is going to be coming back at some point.
What Do We Offer?
For those that fill the criteria, we offer game-changing cash back mortgages. Your cash rebate can be 1, 2, 3, or 5% of your mortgage, depending on your needs. All of these options have varying rates. Instead of waiting another couple of years to save up for all the costs associated with homeowning, why not ask about our cash back mortgages to see if they could be an option for you?