Mortgage Blog

Cash Back Mortgages in Canada

January 1, 2015 | Posted by: Calum Ross

You can receive as much as 5% of the mortgage amount paid to you at closing in Canada. That’s $14,000 on a $200,000 mortgage. This program is available to everyone, but since it is really designed for first-time home buyers, it could help you in the following ways: closing costs, appliances and/or furniture, reduction of other debt, or making a prepayment on your mortgage following your closing.

The Canadian cash back program can also be used by someone who already has a mortgage with a rate that is considerably higher than the current rate and is in a situation where it pays to break the mortgage and use the cashback to pay for the penalty costs.

Mortgage advice like this can result in saving thousands of your after-tax dollars.

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