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?