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CASHBACK MORTGAGES

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Cashback mortgages are an excellent way to help pay for closing costs, pay down debts that are limiting your pre-approval amount and even help transfer your existing mortgage and pay large penalties.

There are a few things to understand about cashback mortgages. They work just like any other time of mortgage. You will pay approximately .15%-.35% more on your interest rate for each 1% of cashback you receive. For example if the lowest 5 year mortgage rate is 1.89% and you elect to receive 3% cashback. You can expect to pay .45% – .9% higher on your mortgage rate.

When breaking a cashback mortgage you need to understand you will have your existing mortgage penalty based on 3 months interest or the interest rate differential (IRD). In addition to the penalty you will be required to payback the cashback on a pro-rated schedule.

While these types of cashback products aren’t for everyone, they are excellent for clients who 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.

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

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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 in a word is ‘exceptional’.

The work that he did in support of financing our new home was something that is not seen very often anymore. He provided a great SERVICE. And even when the unexpected surprises came up, he figured out solutions to make it work without direct impact to ourselves.

Honestly, it was one of the best client/vendor experiences that I can remember and have to say that I consider Peter a friend after it was all said and done. Anyone considering financing a home, Peter is the one and only choice.

Thanks for everything Peter, as always.

Patrick and Lisa

Peter and his team of Derek & Colten were nothing short of excellent. From their advice with homes to look for, what we should do for our fiances leading up to applying, as well as the the entire mortgage approval. With our family working at chaotic times and with different schedules, they made the process very accommodating. With services being able to be completed via their online portal and email. I did however seem to call at random hours of the day and evening when a random question popped into my head! Someone from his team was always pleasant and willing to help. Buying a home can be a very nerve racking experience, but i can say with confidence that Mainstream and their team are willing to go the extra mile for the best rates,and support along the way! 5*****

N. Turnbull

Peter Paley helped me get a really good mortgage when no one else would. He was kind, hard working, and always made me feel comfortable when I was in his office or when I had questions for him. I would highly recommend Peter Paley Mortgages for anyone looking to get the best option out there for their mortgage needs.

~Emily Sydor

Thanks for the great service Peter and Colten.
Was an awesome time dealing with you and the joking around.
Appreciate it.
Let me know if I can give any reviews or be a reference in the future!
⭐⭐⭐⭐⭐

Peter in a word is ‘exceptional’.

The work that he did in support of financing our new home was something that is not seen very often anymore. He provided a great SERVICE. And even when the unexpected surprises came up, he figured out solutions to make it work without direct impact to ourselves.

Honestly, it was one of the best client/vendor experiences that I can remember and have to say that I consider Peter a friend after it was all said and done. Anyone considering financing a home, Peter is the one and only choice.

Thanks for everything Peter, as always.

Patrick and Lisa

What an awesome experience! They were so professional and efficient.. Took all the stress out of buying. So many thanks to their team!! Paula D.

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

This guy knew what he was doing and he took really good care of me. My case was a little trickier than most but he came through and got me an approved. Peter was also able to provide some insight that’s going to be very helpful in the near future. He knows his stuff and he’s good at what he does.

Justin Segodnia

To all of you out there who looks for someone who honestly deals with your mortgage… This is the guy! Let me tell you, Peter knows what he’s doing. He knows his office, his profession, and takes good care of you. He did that with us, so I know what I’m talking about. He is very helpful indeed. He deserves those five stars!

Luis Del Rios De Hoyo