3% Special Cashback Mortgage Program
Have you been contemplating on buying that home situated in a humble neighborhood? You have already pictured what you’re going to do with the kitchen and dining area. You have always wanted to put quartz countertop and a sleek overhead cabinet. The master bedroom? It’s just the right size for you and your spouse. It has two more bedrooms which you can paint with the chosen colors of your children. Aside from that, it’s within a close distance to a school, hospital, shopping centres, and other establishments. It’s the perfect home you have always dreamed of!
But there’s only one problem! You can’t afford it yet. You have a tight budget at the moment, and you’re worried someone might beat you at purchasing your dream home. Don’t worry! We will help you lessen your financial burden. Just have some courage to purchase your home and apply for a mortgage, and we will give you extra cash.
Yes, you read it right. We will give you some extra cash that you can use however you want. Imagine the appliances and furniture you can buy with it. If you want, you can also save it for your future renovation or home addition.
This program is known as the cash back mortgage or the 5% cash back mortgage. However, we prefer to call it our 3% special mortgage cashback program. With our 3% mortgage cashback, the bank will give you cash on top of your approved mortgage amount.
How is this possible?
When you give a 5% down payment for your mortgage, you could get up to 3% cashback. That 3% cashback could be used for closing costs, furniture, painting, minor renovations, or anything you choose to put the money towards. The cashback can also be used to pay off part of your debts to get you approved for a higher mortgage amount than a traditional mortgage.
So, how does this cashback on mortgage works?
If you’re a first-time buyer, closing costs and down payment can be expensive. Closing costs could be 1-2% of your mortgage, depending on the area of your home. There are also variable costs like lawyer fees, title insurance, and other minor costs. The amount for these fees can be uncertain and therefore, having a bit of extra cash on hand really helps give you peace of mind.
Truth be told, our mortgage cashback offer sounds outrageous! But, it’s a genuine offer to help you purchase the home you’ve always dreamed of. Your cashback will even be paid to you right after your mortgage down payment is processed. All you have to do is to keep your mortgage until your term ends.
This program sounds too good to be true! What’s the catch?
Well, the only downside of this is that if you choose to refinance your mortgage, you may have to pay back a portion of the cashback given to you. Still a fair offer, right?
This mortgage can be approved for your first or second home! To qualify, you must have a credit score of 650 or better. Your income also plays a crucial role in your application. You may consult a financial advisor or any cashback mortgage broker from our team to help you.
How can I qualify for the 3% cashback mortgage?
So, let’s say, you have a good credit score, debt to income ratio, and a stable source of income. You could then be qualified to borrow a maximum loanable amount of $924,999. When you avail of our program, you could get a maximum cashback of $28,499.97
This is a unique product that was redesigned by Faizal Garasia based on a focus group discussion and looking at client mortgage financing needs from a creative standpoint. His goal is for clients to get some extra cash as a sort of incentive in finally getting the first step to owning a home.
Why apply for the 3% cashback mortgage program?
This program was originally launched years ago; however, it was never convenient for clients to use it until the relaunch date of January 1, 2019.
Although it’s hard to believe this kind of offer exists, we actually have a lot of clients who can attest to the benefits of this program. We want to share their success with you!
If you’re still worried about neglecting your auto loan payments if you purchase a home, our 3% cashback mortgage program can help. If you’re struggling where to find funds to pay for your closing costs, we can assist you through our cashback mortgage.
We have one of the best cashback mortgages in Canada. Do not hesitate to reach out to us! We will do our best to get you your dream home.