• Buying a Home?

    MyMortgage.ca offers a variety of mortgage options for home buyers. Regardless of your circumstances, we can usually find a mortgage to suit your needs.
    .
  • Need to Refinance? Let us help

    Don't let circcumstances prevent you from reaching your goals. MyMortgage.ca offers a number of mortgage products designed to suit your refinancing needs.
    .
  • Save Money on Mortgage Renewals

    Mortgage up for renewal? This is the ideal time to re-assess and re-examine your financial situation. Call us today.
    .

Cash Back Mortgage

Buying a new home can feel overwhelming. There are all kinds of things you need to consider, such as lawyer’s fees, moving costs, closing costs, and other expenses. You can receive as much as 5% of the mortgage amount paid to you at closing. The money you receive is yours to spend any way you choose.  The Canadian Cash Back Mortgage is great for first-time homebuyers or current homeowners looking to trade up. You can even use your cash back to pay down your mortgage.

5% Cash Back Mortgage Example:

Purchase Price:

$300,000.00

Down Payment 5%:

$15,000.00

Mortgage (95%):

$285,000.00

Insurance Premium (2.75%):

$7837.50

Total Mortgage:

$292,837.50

Mortgage Rate (6.80%):

 

Monthly Payment:

$2015.05

Cash back: $14,641.87

The 5% cash back mortgage is only available on 5 year closed or greater terms.

 Current rates may differ from the example

  Return to Mortgage Solutions

.