Cash Back Mortgages
No Money for the downpayment? No Problem.
Allows clients to buy their dream home with as little as 1.5% in closing costs and provides 5% cash back. Call us today for further details!
- The interest rate and payments are fixed which makes budgeting easier.
- Cash back is paid on the date the mortgage is advanced.
- Up to 95% Loan to Value.
- Minimum $50,000 loan amount.
- Minimum Credit Score (Beacon) 680 for all applicants to qualify.
- Minimum 1 year credit history with 2 trade lines.
- Owner occupied single family dwellings only.
- Minimum 5 year fixed interest rate term.
- Up to 35 year amortizations available.
- 120 days Rate hold period.
- Payment Frequencies available: weekly, bi-weekly, semi-monthly or monthly.
- Property taxes will be collected by the lender.
- Maximum GDS: NA and TDS: 44%.
- 1.5% closing costs must come from own resources.
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