1327.52 $
*For simulation purposes only

Lender Cash Back

There are some benefits to taking advantage of cash back programs. Some even allow for long-term savings.

Some financial institutions may offer borrowers a cash rebate equal to 5% of the amount of their loan if, in return, the borrowers agree to borrow at a higher interest rate. This practice can be very advantageous for them.

Indeed, it is possible for a borrower wishing to contract a loan of $200,000, with a term of five years at the interest rate of 4% rather than 2.8%, to immediately pocket a cash back of 10 000$. The 1.2% increase in the interest rate results in a $125 increase in monthly payments, which corresponds, after five years, to an additional payment of $7,500 and saving $2,500. Cash back can help offset some of the expenses incurred by purchasing a property. In addition, this option may be of interest to owners of rental properties as interest on mortgages is tax deductible. It should be noted, however, that in the event of the total repayment of the loan, if done before the expiration of the term, the lender will require the repayment, pro rata of the period, of the amount of the rebate.

Triplexes, quadruplexes

You’re buying a first home and like the vast majority of buyers your interest goes to a single family residence.

You’re buying a first home and like the vast majority of buyers your interest goes to a single family residence. Instead, why not buy a triplex or quadruplex?Of course, the in...

Lender Cash Back

There are some benefits to taking advantage of cash back programs. Some even allow for long-term savings.

Some financial institutions may offer borrowers a cash rebate equal to 5% of the amount of their loan if, in return, the borrowers agree to borrow at a higher interest rate. This pract...

Minimum down payment

Portability of the mortgage insurance premium.

You want buy a property but you do not have the capital outlay required of 20% of the purchase price to obtain a conventional mortgage loan. No problem the mortgage lender will refer your file to a mortgage insurer. You will be charge with a mortg...

Make a budget

You wish to purchase a home, but have you budgeted accordingly?

Before thinking of buying a property, it is important to make a budget to ensure that it does not become a prison, but a place where life is good. It is not necessary to make a complete revision of your income and your expenses. However, buying a ...