Buying a new home can feel overwhelming. There are all kinds of things you need to consider, such as lawyer's fees, moving costs, closing costs, and other expenses.
Wondering how you're going to pay for all of these costs? Ask one of our mortgage specialists about our cash back option. You can use the money any way you want, except as the down payment.
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Perfect for
First Time Home Buyers 
The Benefits
Receive cash back that can be used for other expenses |
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Just How Much Cash Can You Get?
For illustration purposes, the following chart shows you how much you can get based on different cash back levels:*
On a
Mortgage of |
4%
Cash back |
5%
Cash back |
7%
Cash back |
$75,000 |
$3,000 |
$3,750 |
$5,250 |
$100,000 |
$4,000 |
$5,000 |
$7,000 |
$150,000 |
$6,000 |
$7,500 |
$10,500 |
$200,000 |
$8,000 |
$10,000 |
$14,000 |
$250,000 |
$10,000 |
$12,500 |
$17,500 |
Available on a Variety of Terms
Cash back is available on fixed rate closed term mortgages with terms of 1 to 10 years and on the 5 year variable closed term mortgage. And the amount of money you receive is based on the size and term of your mortgage - up to 7% of its value.
When Do You Get Your Payment?
Your cash back is paid on the date your mortgage is advanced - just in time to help you cover immediate expenses, expected or otherwise. The money received from the cash back option is yours to keep so long as the mortgage is held to the end of its negotiated term.
Mortgage Features
We have many mortgage options designed to help save interest costs and meet your personal financial requirements.
We're Committed to You
Whether you're buying a new home, renewing, or transferring your mortgage, we can offer you real savings and real choice. Contact a mortgage specialist today!
Conditions:
*Mortgage must have either a fixed closed term of 1 to 10 years or a 5 year variable closed term. Not available for any other mortgage term. Mortgage must be a first ranking residential mortgage. Maximum allowable cash back amount $20,000. Other conditions apply.
Cash back is paid on the date the mortgage is advanced. If the mortgage is not advanced, no cash back will be paid. If you choose to break your mortgage commitment for any reason prior to maturity, you will be charged the cash back amount pertaining to the remaining term of the mortgage.
Subject to Royal Bank of Canada lending criteria for residential properties. Offer may be changed, withdrawn or extended at any time, without notice.
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