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CASHBACK MORTGAGES

1%-5% Cashback Available

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Cashback mortgages are an excellent way to help pay for closing costs and, pay down debts that may be limiting your pre-approval amount. The cashback can even help transfer your existing mortgage while paying your mortgage penalties. In the case of a transfer, they can simultaneously pay out some credit card or other consumer debt. While cashback mortgages are at a higher interest rate they also help in having some extra money after closing for household items like appliances and furniture.

Although there are a few things to understand about cashback mortgages the rewards can outweigh the costs. Firstly, they work just like any other type of mortgage. Secondly, you will pay approximately .15%-.40% more on your interest rate for each 1% of cashback you receive. For example, if the lowest 5-year mortgage rate is 5.94% and you elect to receive 3% cashback. You can also expect to pay .45% – 1.20% higher on your mortgage rate. Finally, the cashback funds you receive can be used for whatever you like afterward.

Furthermore, when breaking a cashback mortgage, one must understand your existing mortgage penalty will be based on 3 months of interest or the interest rate differential (IRD). In addition to the penalty, you will also be required to pay back the cashback on a pro-rated schedule. Comparatively, a traditional mortgage would have this extra cost.

Earlier we mentioned that these cashback mortgages are more expensive than a traditional mortgage. While these types of cashback products aren’t for everyone, on the whole, they are excellent for clients who specifically need a little help qualifying for their dream home or have an existing mortgage and want to get a lower rate & pay their penalty off.

You can Contact us today for more information about how a cashback mortgage can work for you!

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Peter and his team are awesome, highly recommend. – Sheila and Alun

We first went to a different mortgage broker and was denied. We were then recommended to Peter, but I had already almost given up on my dream of owning because this kept becoming the outcome. Peter worked tirelessly at getting my documentation prepared in an extremely tight timeline. I honestly thought, “There is absolutely no way he can do this!” But yet here I am, writing this from the comfort of my beautiful new home! I finally have a backyard to enjoy for my children!
I would highly recommend him and his team, over and over again! They make miracles happen!

Charlyn A.

Peter was absolutely an amazing mortgage broker. We should have gone to see him sooner. We were not getting the service we expected from a bank we had been with for quite some time. And we did not get as high of a pre-approval amount as we expected mostly because my partner is self-employed. Peter got down to business right away and asked for documentation to prove our income. He was always available and very quick to respond to our messages. Together we built a very solid portfolio, he got us a fantastic pre-approval rate/amount and in the end, we got our dream house! Thank you Peter for the work you did for us!

Janelle D. and Phil B.

I found Peter through Reddit. Great service. The home purchase/mortgage approval was a smooth process. Peter and his team are very responsive and always available via phone calls and emails.

S. Phrakornkham

Was a easy and simplified process throughout. They were very communicative and made navigating the process simple.

C. Britton

We first went to a different mortgage broker and was denied. We were then recommended to Peter, but I had already almost given up on my dream of owning because this kept becoming the outcome. Peter worked tirelessly at getting my documentation prepared in an extremely tight timeline. I honestly thought, “There is absolutely no way he can do this!” But yet here I am, writing this from the comfort of my beautiful new home! I finally have a backyard to enjoy for my children!
I would highly recommend him and his team, over and over again! They make miracles happen!

Charlyn A.

Peter and his team are awesome, highly recommend. – Sheila and Alun

I was very impressed by Peter and his team when seeking a mortgage for a non typical scenario. They were knowledgeable, helpful, polite and were a pleasure to work with. In the end I didn’t go with the mortgage solution they presented as my own bank offered a better rate but even though I believe they could have charged me for certain fees, like the appraisal fee, and I would have been ok paying it, they waived or possibly even paid the fees themselves. They said it was part of their commitment to service excellence. So we certainly had nothing to loose by exploring the option and I would recommend them to others.

Winnipeg Ger

Peter Paley & Associates were very helpful and secured a great mortgage rate. Considerably better rate than the bank and credit union we currently have active accounts with. Thank you Peter, Derek and Colten.

T. Pritchard

Peter Paley and his team were extremely knowledgeable and helpful as a first-time home buyer. I got helpful do’s and don’ts during the process as well as hot tips. I would highly recommend this team whether it’s your first time buying property or if you need someone new. Hardworking and friendly.

Leah B.