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)