*Picture credit and information all to Luisa Hough*
"As the name implies, a cashback mortgage is similar to a standard mortgage, except that you receive a lump sum of cash upon closing. This lump sum will either be a fixed amount of money or a percentage of the mortgage amount, usually between 1-7%, depending on the mortgage term selected.
How you use the cash is entirely up to you. Some of the most common reasons to secure a cashback mortgage are to:
- Cover closing costs.
- Buy new furniture.
- Renovate your property.
- Supplement cashflow.
- Consolidate higher-interest debt.
You can use the cash for anything you like. It’s tax-free and paid to you directly once the mortgage closes".
Visit https://www.luisahough.com/what-is-a-cashback-mortgage to learn more about
- Understanding the cost of a cashback mortgage.
- Eligibility for a cashback mortgage
- breaking your mortgage term early
- Get independent mortgage advice.
Monica Donetti,
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.
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