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
@ 905-407-3274

 

* Conditions apply; financial figures are only estimates, for exact details please contact Jennifer Birch

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