Cash Back Mortgages
What is the Cash Back Mortgage?
When you purchase a home, you may find that you need some extra cash. A cashback mortgage allows you to borrow additional money on top of your mortgage. You receive the loan deposit when your mortgage closes. You might want to renovate, purchase furniture or simply have a cash buffer during the first few months of homeownership. Homebuyers usually choose to get a cashback mortgage in case there are any unplanned expenses after buying the home.
With a cash back mortgage, your lender advances you a cash lump sum when your mortgage closes.
- 3% Maximum Cashback in Variable Mortgage and 5% Maximum Cashback in fixed mortgage on high-ratio mortgages (less than 20% down payment)
- 5% Maximum Cashback in Conventional Mortgages (20% and more down payment)
Productive Ways To Spend Your Cashback.
Now that you understand what a cashback mortgage is, the most common reasons people want a cashback mortgage is for the following purpose
- The cashback can be used to have an emergency fund if there are any issues with their new home.
- The cashback can be used for shortfall in closing costs
- The cashback can be used to renovate your home
- The cashback can be used to pay off high-interest debt
- The cashback can be used to invest the money
- The cashback can be used to put the money into savings
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