Cash Back Mortgage in Alberta
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GET CASH BACK ON CLOSING
When you purchase a home, you may find that you need some extra cash. You might want to renovate, purchase furniture, go on a vacation, or simply have a cash buffer during the first few months of homeownership.
How you spend it is up to you!
HOW DOES IT WORK?
• You can receive 1, 2, 3 or 5% of the purchase price - cash back at the initial close.
• You can also apply the cash back directly to repaying debt. This makes it much easier to qualify for your mortgage and also increases your max purchase price.
• Maximum amortization of 25 years.
• If you sell your home during the first term of your mortgage, you will be required to pay back the pro-rated cash back funds.
• Slightly higher interest rate.
• Minimum credit score of 680 is required for at least one qualifying applicant.