Dreaming of Owning a Home? Some lenders offer
Cash Back Mortgages to help you become a homeowner
Here’s a simple explanation of Cash Back Mortgages
Purchase Price of home $ 300,000
Down payment 5 % required for the purchase $ 15,000
Problem: You do not have the funds for the down payment
Solution: The lender / bank will provide these funds on closing (hence the cash back mortgage)
You must have be working and have a decent income. As with all deals that involve banks lending you money – you must qualify.
The purchase offer for the house is written conditional on financing. The only costs to you are the closing costs.
For a $300,000 home here are the approximate closing costs.
Land Transfer Tax – first time buyer – do not have to pay
Commission to Real Estate agent – you do not pay – this is the seller’s responsibility
Legal – Lawyer $ 1800.00
HST on CMHC premium $ 750.00
Total out of pocket $ 2550.00
Payment $1561.00 per month – that’s cheaper than rent !
If you would like to know more about Cash Back Mortgages or Real Estate in general, please contact me at Jennifer@jenniferbirch.ca or call me
* Conditions apply; financial figures are only estimates, for exact details please contact Jennifer Birch