A cash back mortgage can be a great option for clients needing to create additional liquidity after purchasing a home. If the traditional minimum down payment of 5% plus the closing costs associated with your mortgage is leaving you with a lack of money left over for emergency funds, household furnishings, loan/debt pay down, etc., the cash back option may be for you. Cash back options are usually between 1-3% cash back. In return for the cash back, the lender will charge an inflated interest rate on the entire mortgage loan. The additional interest paid over the term of the…

At your next renewal, be sure you are accessing the lowest rate and best mortgage option available. Rate holds can be accessed up to 6 months prior to renewal to safeguard against rate increases. If a more equitable mortgage product can be secured with a new lender prior to renewal than a ‘switch’ may be a viable option. A traditional switch with no new funds added to the mortgage would be completed with no new costs to the client. On approved credit the lender will cover any appraisal or title transfer costs. This may also be a good time to consider…

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