Cash Back Mortgages

The Absolute Cash Back mortgage could be ideal if you are a first time home buyer with a minimum down payment of only 5%. Cash back mortgages are from lenders that provide a certain percentage of the purchase price back to the borrower at time of funding. Is a cash back mortgage the right product for you? 3% cash back on 5 year closed mortgages. 5% cash back on 7 year closed mortgages.

This product is great for those who have a down payment but want cash to use towards other things.

With cash back mortgages, you are not going to get the best mortgage rates - Anytime a lender is offering a cash back mortgage, ask what is the catch???? Bank's are in business to make money not give away money!!! So obviously, they are lending you a portion of the money that you will soon be paying them in interest.

Now why would a cash back mortgage be right for me? If you have saved just enough for a down payment on the property you want also want to furnish the home or do some minor renovations to the place; a cash back mortgage may provide you the instant cash to do what you wish to do faster than saving it.

One important thing to know about cash back mortgages is that if you sell or pay out the mortgage before the term has ended, you will need to pay back a prorated portion of the cash back amount.