What's A Cash Back Mortgage
A
cashback mortgage means the lender will give you 5% back as cash. This
mortgage product is usually targeted towards first time homebuyers. So, if a first time buyers borrows $100,000 the lender will give the borrower an additional $5,000.
Sounds like a great offer, but is it? Factoring in the higher interest
rates attached to a cashback mortgage and running the numbers makes this
offer less appealing...More
