Cash Back Mortgages
We have a mortgage for this!
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.
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
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.
There are some conditions that apply to these mortgages. It is best to speak with us to learn all the terms and conditions.