COVID-19 has many of us scrutinizing our budgets, trying to keep some cashflow and ahead on high interest debt.

Many mortgage lenders have re-introduced the cash back mortgage, to help buyers and current home owners at a time when people need it the most.

This type of mortgage product pays up to 3% of the mortgage amount to the benefit of the homeowner upon the closing of the sale or the switching/transferring of a current mortgage. The amount of funds received depends on the size of the loan and the percentage of the cash back chosen.

Some great reasons to use a cash back:

  1. If you are purchasing a home and don’t have enough funds for closing costs.
  2.  If you are purchasing a home and want to or need to pay down high interest debts.
  3.  If you have a current mortgage, you can switch to a lender offering this product and use the funds to pay off debts or free up cashflow.

At Mortgage Sisters West, we are here to help and happy to discuss with you what your mortgage options, products, and rates there are in the market the benefit you and your unique needs.