Nishan  Ahluwalia

Nishan Ahluwalia

Sales Representative

ROYAL CANADIAN REALTY, BROKERAGE*

Mobile:
647-395-0001
Office:
905-364-0727
Email Me
Nishan  Ahluwalia

Nishan Ahluwalia

Sales Representative

ROYAL CANADIAN REALTY, BROKERAGE*

Mobile:
647-395-0001
Office:
905-364-0727
Email Me

Cash Back Mortgages

Yes, that's possible , you can qualify for:-

a) 3% maximum cashback on high-ratio mortgages (less than 20% down payment)
b) 5% maximum cashback on conventional mortgages (20% and more down payment)

Interest Rate
Interest rate premium is roughly +0.6% for 3% cashback and roughly +0.85% for the 5% cashback
Example: If you qualified for 1.89% interest rate and you want 3% cash back, now your interest rate will be 2.49%. 

 

Eligibility & Term
At least one applicant (most typically highest income earner) should have minimum credit score of 680+
All cash back mortgages are only available with 5 year fixed terms - if client breaks the term sooner, they will be required to repay part of the cashback + any prepayment penalties associated with breaking a fixed term

 

Benefits

The cashback mortgages are great as they can be used for the following purpose:-

Repay any debts that could boost someone's mortgage eligibility
The cashback can be used for shortfall in closing costs
The cashback can be used to replenish savings after a client exhausts all of their savings for down payment of a home
The cashback can be used to repay any borrowed money that was used for down payment
The cash back can be used for home renovations or any other purpose the client wishes to use it for
The cash back mortgage compliments the zero down payment program really well (for example a combination of unsecured line of credit + cashback amount can be used to make up the required 5% of down payment)

 

Let me know if you would like to discuss your situation as we have lots of tools , programs and solutions  to help you in purchasing your home.

 

 

Have Questions?

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Have Questions?

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647-395-0001

  

905-364-0727

  

As a Realtor® licensed in Toronto, Ontario. Nishan provides Strategic Marketing and Transaction Management services to his clients across many G.T.A. markets. His business is built on: Dedication, Communication, Determination, & Trust while embodying the ability to cater and adapt to all of his client’s Real Estate needs. “Just as the Real Estate industry evolves to become more innovative and efficient, so do I.” A Toronto native for over 12 years, his knowledge of the city’s geography can assist you with all of your Residential Real Estate endeavors! In addition, he provides exceptional Real Estate services to ensure you feel confident with your decision to hire him.