Ontario Cash Back Mortgages

What is an Ontario Cash Back Mortgage?

When you purchase a home, you may find that you need some extra cash. You might want to renovate, purchase furniture, or simply have a cash buffer during the first few months of homeownership. Fortunately, some Canadian lenders offer mortgages that give you a cash back rebate when you take out your mortgage.

With a cash back mortgage, your lender advances you a cash lump sum when your mortgage closes. The most common sum you receive is 5% of your mortgage amount but it’s possible to get between 1% and 7% depending on the lender you choose.

Two Main points for you today about Ontario Cash Back Mortgages:

1. Having difficulty increasing your Purchase Price to get the home you really want because of you debt load? Why not let me use up to 5% of your mortgage amount to put towards paying down/off your debts and lower your debt ratios?! The result? Qualifying ratios go down, purchase price goes up! Now go back to your Realtor and tell them your New House budget ☺️.
Don’t need to pay off debts? Good for you!

2. How about up to 5% of your mortgage back in cash day of your closing that you can put towards closing costs, appliances, new furniture.. Whatever YOU want!

When Does an Ontario Cash Back Mortgage Make Sense?

The cash rebate you receive when you get a cash back mortgage is tax-free and you can use it for any purpose. Some of the most common uses are:

To pay for closing costs, such as legal fees and land transfer tax.
To supplement cash flow during the first few months of home ownership.
To pay for renovations or furniture purchases.
To invest, or put into savings.
To pay down high interest debt.

Listen, if you have an objection, I have a solution.
Message me and let me help you take advantage of this Real Estate market now! Stop waiting.
Let’s Talk Options!

Amandalyn Findlay | Mortgage Agent Lic# M16000725
Powered by Sherwood Mortgage Group Lic# 12176

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