I thought this was gone from the Toronto Real Estate Market; You cannot use this as part of your closing disbursements but it is there for certain buyers who are doing a 95% down and getting the 5% back after closing.
You need to have and front all the deposits, expenses and fees related to your purchase for 60 - 90 days prior to the closing.
Cash back mortgage product
Did you
know that Cash Back is available on 2 - 10 year term up to a system
maximum of $35,000. Cash Back amounts set as follows:
|
Term
|
CashBack
|
System Maximum
|
|
2 years
|
1%
|
4,000
|
|
3 years
|
1.5%
|
6,000
|
|
4 years
|
2%
|
8,000
|
|
5 years
|
5%
|
20,000
|
|
6 years
|
5%
|
25,000
|
|
7 years
|
5%
|
35,000
|
|
10 years
|
5%
|
35,000
|
Money is deposited into clients account the next day after
activation and might be spend as clients wish; maybe they want to make small
renovations, buy new appliances, pay out some debts, pre pay the mortgage or
simply have some extra money in their account.
Rates: My best rate: 2.99% for 3y fixed; Variable 2.6%
(see attachment)
From Td Economics:
·
The
housing market has proven more resilient in 2013 than we had anticipated. The
outperformance has been particularly notable on the price side.
·
The
recent strength in Canadian housing needs to be kept in perspective. Sales are
still well below historical peak levels. Four rounds of insured mortgage rule
tightening have worked to temper home sales, which are still 11% below the peak
reached in late 2009.
·
After
Bank of Canada Governor Stephen Poloz gave an economic pep talk on Wednesday,
U.S. Federal Reserve Chair Ben Bernanke killed the buzz by not beginning the
widely expected “taper” of its asset purchases
Romy Alegria | Manager, MMS
P: 416.278.2540 | F: 1-866.222.5708
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