You may qualify for a Cash Back with your Mortgage

Imagine, home ownership is a realistic possibility even with little or no money down!

Currently Available: - 95% Financing with 3% Cash Back and 95% Financing with 5% Cash Back

Things to know about Cash Back Mortgages

When you apply for a cash back mortgage you will still have to show you have the 5% required down payment and closing costs available, even though you are getting the cash back on closing. You will be charged a higher premium and rate with the cash back programs. Your mortgage payments, both principal and interest will reflect the % of financing excluding the cash back amount. Most lenders that offer these programs require the cash back portion to be paid back only if the home is sold in a specified time period.

**All cash back products are subject to credit approval and product availability.

If you meet the minimum requirements below, you may qualify for a cash back when you get a mortgage. There are a few different cash back programs out there, 95% financing with 3% cash back or 95% financing with 5% cash back. These are always good when you need some extra money to buy appliances etc.

Minimum Requirements for a Cash Back Mortgage.
*Beacon (FICO) score of 650+ for all mortgage applicants with a minimum of 3 years on the credit bureau
*No late or late payments in the last 12 months (24 is better)
*No outstanding collections or judgements
*Minimum mortgage amount is $100,000
*Two to three years of stable employment in the same industry with proof of satisfactory income
*45% of income can go to service the mortgage debt and property taxes instead of the normal 40%
*Property being purchased must be close to a major urban area, zoned residential (no fixer uppers!)
*Past bankruptcy may be considered after discharged for 24 months and if credit has been re-established
*Must qualify for CMHC mortgage loan insurance