Cash back mortgage is a convenient mortgage loan use to purchase a home and get additional financing for other purposes at low mortgage rates, that are generally lower than the rates on the credit cards
Different percentages of cash back (1%, 2%, 3%, 4%, 5%) are offered by different lenders, some mortgage lenders allow you to use your cash back to purchase new furniture for your new home, home remodeling or restorations, some for legal fees and some even for down payment.
With a cash back mortgage, you extend the repayments through your mortgage amortization period making it easy to repay
In a cash back mortgage, the mortgage rates may not be as low as in a conventional mortgage where at least a 20% of the purchase price of the property has to be invested upfront by the borrower, however, the rates are much lower than other financing channels like credit cards or personal loans.
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