What You Need to Know About Cash Back Mortgages

What You Need to Know About Cash Back Mortgages - Source Mortgage - Mortgage Professionals Alberta
What You Need to Know About Cash Back Mortgages

We offer a plethora of mortgage products for every lifestyle and budget. We also offer debt relief products. Cash back mortgages are the lovechild of those two spheres. By investing in this product, you can become a homeowner and tackle your debt at the same time. What’s not to love?

What Are Cash Back Mortgages?

Closing costs can creep up on you and set you back much farther than you ever intended. These expenses include moving expenses, new furniture, and anything else you may need to get into your next home. Cash back mortgages provide clients with cash back at closing. They do result in a higher rate as a result, but can be used to pay off debt or cover those pesky closing costs.

Why Are They Useful?

Interest rates for an unsecured line of credit or credit card are usually between 11% and 29%. We can use a cash back mortgage to provide you the funds to pay off this high interest debt with a much lower rate on the mortgage. The result is that your payments are reduced significantly, resulting in improved cash flow. Another benefit of this product is that you can often qualify for a higher amount.

How Can Source Mortgage Help?

We know that not every product will work best for every client. That’s why we offer a few different options. You can choose from 1, 2, 3, and 5% cash back mortgages, all with varying rates. These are a great option for clients carrying high interest debt or those short on funds for closing costs.

If you are curious as to how a cash back mortgage may benefit you, give us a call today. We will assess your needs and use our expert knowledge to advise you on the best product for your situation.

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Heartwarming Stories

Source was absolutely great to work with - went above and beyond to help us get everything done when buying our new home. Highly recommended!! Chad and Jenelle Richards Jan 09 2013

Chad and Jenelle Richards
Added January 23rd 2013

Interest Rates

6mth Term 3.95%
1yr Term 2.99%
2yr Term 2.69%
3yr Term 2.99%
4yr Term 3.39%
5yr Term 3.04%
V.R.M. Prime-.65 or 2.35%

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