Mortago can help you with cash back mortgages!
The amount you receive is based on a percentage of the mortgage amount, which typically ranges from 1% to 7% of the purchase price.
The minimum down payment required is 5%, so therefore the lender provides you with a 5% cash back that is payable to your lawyer on closing and this, along with your 95% mortgage financing, equates to purchasing a property with no down payment. These are called cash-back or free down payment mortgages and can make home ownership an affordable reality sooner than you think.
Even when the bank says ‘no’, we have access to lenders that offer lending solutions for hard to place mortgages. Give me a call today for your free and confidential evaluation.
Contact a Mortago specialist to see if you qualify for a zero down, cash back mortgage.