Purchasing a house means that lots of money is going to be put into the whole process. There is a mortgage option called a "cashback mortgage". On closing date, you can get an amount of money advanced to you, by the lender, and have this cash available for other things, like appliances, new furniture, renovations. Here is a breakdown of how a cashback mortgage would look for a $350,000 purchase. This cashback option is only available for home buyers who already have a downpayment to buy their home.....in other words, you cannot use that cashback to cover any of your downpayment.
| Purchase Price | $350,000.00 | |||
| Mortgage Rate | Closing in 30 days or less | Cashback on closing day | Closing in 30 - 120 days | Cashback on closing day |
| 4.19% | 2.00% | $7,000.00 | 1.60% | $5,600.00 |
| 4.14% | 1.80% | $6,300.00 | 1.40% | $4,900.00 |
| 4.09% | 1.60% | $5,600.00 | 1.20% | $4,200.00 |
| 4.04% | 1.40% | $4,900.00 | 1.00% | $3,500.00 |
| 3.99% | 1.20% | $4,200.00 | 0.80% | $2,800.00 |
| 3.94% | 1.00% | $3,500.00 | 0.60% | $2,100.00 |
| 3.89% | 0.80% | $2,800.00 | 0.40% | $1,400.00 |
| 3.84% | 0.60% | $2,100.00 | 0.20% | $700.00 |
| 3.79% | 0.40% | $1,400.00 | 0.00% | $0.00 |
| 3.74% | 0.20% | $700.00 | 0.00% | $0.00 |
| 3.69% | 0.00% | $0.00 | 0.00% | $0.00 |
| Mortgage rate listed here is effective on May 7, 2009. | ||||
This blog was written by Elizabeth Blair, a Licensed
Mortgage Agent with Mortgage Edge in
Richmond Hill, Ontario.
Elizabeth services mortgage clients in Mississauga
and all over the Greater Toronto
area.
by email at eblair@mortgageedge.ca
or you visit her website at: www.missmortgage.ca
Elizabeth is licensed with the Financial
Services Commission of Ontario and is also a Member of IMBA (the Independent
Mortgage Brokers Association of Ontario) www.imba.ca
Lic # M08005880
Brokerage Lic # 10680
Head office is located at:
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