Posted by: Vince Gaetano
This week’s ‘Burning Topic’ will be Cash Back Mortgages, a much talked about mortgage product that very few Canadians understand fully.
What is a Cash Back Mortgage?
Cash back mortgages are exactly what the big Canadian banks say they are…give me your mortgage and I will give you cash back.
When you hear this from a big bank, always remember this saying, “Nobody gives you money for free”.
Banks take advantage of potentially poor money management skills by offering up a bad deal for their client.
Any bank offering a Cash Back mortgage product should remove any reference in their advertising that they are providing good financial advice.
Ask your advisor, “How does the consumer benefit?”
Breaking a cash back mortgages hurts twice as much
What is the bottom line for consumers?
Learn more about cash back mortgages and many other Canadian mortgage topics on CP24’s Hot Property every Thursday night at 7:15PM. Each episode stars one of Canada’s top mortgage brokers or agents from Canada’s Premier Mortgage Brokerage – MonsterMortgage.ca.
If you would like to watch previous Hot Property episodes, you can catch previous Hot Property episodes on the CP24 site here. If you have any questions regarding Cash Back mortgages or any other Canadian mortgages, call MonsterMortgage.ca or fill out a contact request.