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What's A Cash Back Mortgage

Blog by Tridac Mortgage | January 9th, 2012

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