A cashback mortgage allows an applicant to receive a cash lump sum on the completion of the mortgage. Simply put, when your loan is finalized, you will get a certain amount of cashback from the lender. Usually, the money is received upon the closing date. What is the best Canadian cashback mortgage? Let’s find out!
- RBC Royal Bank
RBC Royal Bank offers cashback mortgages, which are ideal for first-time investors and home buyers. The objective behind the RCB cashback mortgage is to help people in need of money to pay their moving costs.
According to the official website, this requires a 5% down payment. Your mortgage terms and size determine how much money you will receive. You can earn 4%, 5%, or 7% cashback on your mortgage. For example, if you have a mortgage of C$100,000, you can receive either C$4,000, C$5,000, or C$7,000.
With RBC cashback mortgage, you can get the money to pay lawyer’s fees, land transfer tax, moving costs, and other expenses such as closing costs.
- PC Financial
PC Financial offers a 5% cashback mortgage. You can use this loan to lock in a lower rate for six months or one year. Upon the completion of the term, PC Financial allows you to refinance in a long-term fixed-rate mortgage loan.
- CIBC
CIBC offers a cashback mortgage, which allows you to get an affordable rate and cashback. You can use this extra cash to make payments faster and become free of mortgage. This cashback offer is best for those who want to make additional lump sum payments on their mortgages.
Likewise, it is beneficial for homeowners who are looking to renovating, decorating, or furnishing their new homes. This is a special offer for people who want to save for weddings, anniversaries, and vacations. You can ease your mortgage with an incredible 5% cashback.
- TD Bank
TD Bank also offers cashback mortgages. You can use the immediately available money in different ways depending on your requirements or needs. You can utilize the proceeds of this cashback offer to pay off your debt, renovate or remodel your home, or manage your educational expenses.
Moreover, TD Bank cashback mortgages mostly attract first-time home buyers, which they use to pay their closing costs. This can also be used for furnishing your property or make down payment.
- National Bank
National Bank, Canada has made available cashback mortgage offers to people who can commit for at least four years. You will get $750 cashback on mortgages ranging between C$100,000 and C$250,000.
You will get C$1,500 cashback if your mortgage is between C$250,000 and C$500,000. Similarly, National Bank will give you C$2,500 cashback on a mortgage equal to or above C$500,000. Remember, this cashback mortgage offer is available to insured owners occupying home mortgages.
Final Words
Cashback mortgages offer a cash bonus or incentive when you sign up for a mortgage. There are many expenses associated with shifting to a new house, and in such a situation, you need a lump sum of cash to overcome difficulties. This, in particular, is helpful for first-time buyers.