Some lending criteria didn’t change. Financing is still allowed up to 95% of the value of the home, and condo fees are calculated the same way – only half are used to determine your total debt. You can still borrow your down payment and many lenders still offer the 5% Cash Back mortgage. With a Cash-Back mortgage, the client receives a rebate on their mortgage at the time of closing of the mortgage. This rebate varies anywhere from 1% to 5% of the mortgage amount depending on the lender and term chosen. The money from a Cash-Back mortgage is especially handy for the first time buyer who needs extra funds to purchase home improvement items such as blinds, carpet, appliances, or even furniture. Thus, first time buyers are the number one consumer of Cash-Back mortgages in Canada.
This is also an option for first time home buyers who have the minimum down payment. You can get the cash you need to help pay your land transfer tax, lawyer’s fees, moving costs, closing costs and other expens…
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