How it Works

Cash back mortgages are used for multiple reasons from reducing debt in aiding qualifying for a higher mortgage to having additional dollars available to you after you move into your home.   

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The process:  

You qualify your mortgage showing you have available the necessary down payment.   Once you arrive at the law office you are required to put down the smaller down payment.  The cash back is then provided from the lender and added to the mortgage amount.   For an example 3% cash back with a purchase price of $500,000

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• Your are using 5% down $25,000 - you show you have this available

• At the lawyers you will give the lawyer 2% (10,000) 

• The $15,000 remainder will be provided by the lender and added into your mortgage.

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There are some conditions that apply to these mortgages.  It is best to speak with us to learn all the terms and conditions.

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