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The Cash Back Mortgage – A Friend in Need

Mortgage Tips Judy Garel 20 Aug

You’re so close to buying a home that you can taste it!

The timing is just right, and you have:  

  • A solid job with enough income 
  • The down payment
  • Good credit 
  • A slew of homes in your price-range to go after

 

 So What’s Stopping you? 

You’re short of cash and do not have a family member able to help you make up the shortfall. To make your dreams come true, you need help to do one or more of the following: 

  • Pay off bills and make your debt ratios acceptable to lenders 
  • Pay, or help pay, for closing costs like land transfer tax, lawyer’s fees, and other expenses (easily up to and above $20,000 in total costs)  
  • Buy needed items for home and home maintenance – lawn and garden equipment, furniture, appliances etc.  

How Does a Cashback Mortgage Help? 

  • You decide on a percentage cash back that works best for you – percentages range from 1% – 5%.  
  • The money is advanced with the mortgage amount on closing day 
  • The total funds are dispersed by the lawyer
  • If you are using cash back for closing costs or to pay off debt such as credit cards, line of credit or car payment, the lawyer will do so. 
  • If you are using the money for personal use, it will go to your bank account  

 How much cash could I get?

Here are a few scenarios based on mortgage amount and percent cash back you choose:

How can you learn more?

contact me today…