The Cash Back Mortgage and the Flex Down Mortgage

A Cash Back Mortgage is where you get a percentage of the total mortgage loan back, when the mortgage funds.

The mortgage interest rate is slightly higher than a regular traditional non cash back mortgage and is somewhere between the banks posted rate and the fully discounted mortgage broker rate, depending on how much cash back money you would like.  

This is sometimes this is a good option if you need money to do some renovations, upgrade appliances or just need some cash.


                          * * * * * * * * *   * * *   * * * * * * *


The Flex Down Mortgage is a good mortgage option when you don't have the down payment saved, but do have the availability to borrow the down payment.

The monthly payment on the loan used for the down payment, is then calculated into your total debt service ratios. The advantage to this type of mortgage product is that the interest rate would be the fully discounted mortgage broker rate.
 

Call Western Canada Mortgage today and ask for more details on either of these products.

Homeownership may be closer than you think.

You could own your own home for what you pay in rent !