Cash Back Mortgage
Making the downpayment on a home can leave you cash poor in the short term. The Cash Back Mortgage provides an infusion of money to pay for unforeseen expenses, furniture for the new space, or renovations. You get a fixed rate and the option of taking up to 5% of the principal amount back in cash.
This mortgage is often selected by first time buyers to assist with moving costs after committing funds to a downpayment.
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