Cash Back Mortgages in Alberta
Say Hello To The Easiest Way To Mortgage
Get Cash Back On Closing.
When you purchase a home, you may find that you need some extra cash. You might want to renovate, purchase furniture, go on a vacation, or simply have a cash buffer during the first few months of homeownership.
How you spend it is up to you!
So how does it work?
• You can receive 1, 2, 3 or 5% of the purchase price - cash back at the initial close.
• You can also apply the cash back directly to repaying debt. This makes it much easier to qualify for your mortgage and also increases your max purchase price.
• Maximum amortization of 25 years.
• If you sell your home during the first term of your mortgage, you will be required to pay back the pro-rated cash back funds.
• Slightly higher interest rate.
• Minimum credit score of 680 is required for at least one qualifying applicant.