Cash Back Mortgages is a unique product as you may receive as much as 5% of the mortgage amount paid to you at closing. That’s $15,000 on a $300,000 mortgage. This program is available to everyone, but it is very helpful to the first-time home buyer in the following ways: closing costs, appliances and/or furniture, reduction of other debt or making a prepayment on your mortgage following your closing.

The Canadian cash back program can also be used by someone who already has a mortgage who is at renewal and wants to purchase a vehicle, do renovations, pay for education, put a down payment on a rental property, the possibilities are endless.

The Cash Back option is also a great feature for the investor who has their rental property up for renewal and they renew into a cash back with 5% back. It’s tax free money and the interest they write off. They can use this money to pay down their personal mortgage.