Looking for upfront cash with your variable or fixed-rate mortgage? You're in the right place. We can provide immediate cash on either rate type. However, unlike major banks, we don't typically highlight this option. Why? Let's explore how 'cash back' functions and its source (hint: it's primarily from you).
Who doesn't love cash? But the 'cash' you receive in a cash back mortgage is essentially money you'll be paying into the mortgage, provided to you upfront. To offer you that cash, you'll incur a higher rate, enabling the lender to extract it in advance (anticipating repayment over your term).
And that's beneficial if you need it for expenses like furniture or moving costs. Opting for a 'cash back' feature can offer you immediate funds at a lower interest rate compared to other borrowing options available to you, such as a Home Equity Line of Credit (HELOC) or credit card.
For years, we've provided cash-back options on both these rate types through our in-house lender, THINK Financial. Our expert Axe Mortgage brokers can also access other lender offers to find the best cash fit for you. Certain restrictions and/or qualification requirements will apply, as per a typical mortgage approval.
You'll usually encounter two types of cash-back offers:
Cash Promotion — a smaller amount offered as an incentive, typically for a limited time
Cash Back — we provide more flexibility in both cash amounts and rate options compared to the 'set' offers advertised by major banks
| Cash Promotion Offer | Cash Back Offer |
|---|---|
| How it works? | Cash incentive is tiered based on a mortgage-amount range; can come from lender's 'marketing budget,' but you'll still likely pay a higher rate |
| How much cash do you get? | $500 to $3K (the larger the mortgage, the more cash incentive; a longer term may be required) |
| How it affects your rate? | You'll likely pay a higher minimum rate; some lenders will have a higher rate than others for the same cash amount |
| Is there a catch? Does your cash come with a higher rate? | Cash amount is smaller and restricted by the range slot for your mortgage size. Ensure it's worth it! |
Check with the lender for offer details; clawback may apply if you break your term.
Not all cash-back products are the same — the higher the rate, the more you'll pay over your term. At Axe Mortgage, you'll have choices and flexibility in both your rate and the amount of upfront cash, depending on:
Our salaried, highly-trained brokers have the independence to get the balance right to help you reach your mortgage goals (with cash to spare).
Mortgages are often a significant financial commitment. And it's beneficial to have options.
Whether you prefer a variable (adjustable) rate or a fixed rate mortgage, tell us how much you want upfront, and we can determine the best rate and product fit for your situation. No hidden agendas, completely transparent. And with your best-possible rate to save thousands over your term.
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