Calgary Mortgage Broker/ Specialist
A cash back mortgage is a type of home loan that gives borrowers a cash lump sum when they close on their property. This cash can be used for any purpose, from home renovations to paying off debt. Cash back mortgages are available from a variety of lenders, and they typically have higher interest rates than traditional home loans.
A mortgage pre-approval is so important to ensure that you are buying within your purchasing ability. There is nothing worse than having your heart set on a home that ultimately you cannot qualify for the mortgage to buy. A critical part of the pre-approval is ensuring you have all of your documents ready, down payment in place, taxes filed, taxes paid, and income verification documents. Finally when it comes to the actual mortgage ensure you consider the terms of the mortgage and not just the rate. Different lenders have different terms and saving a little on rate could cost you way more in the long run due to a term in the mortgage you did not understand, realize or expect to get in the way of your future.