5% Cashback mortgage for downpayment is still available. You can buy with 0% down O.A.C.

In the fall of 2012 the Office of the Superintendent of Financial Institutions (OSFI) advised lenders to cease the cashback products for clients to use for downpayment.

However, we have one large provincial lender that was not regulated by this change and is currently promoting this product in the market place.

If you or anyone you know is looking at buying and do not have a downpayment saved up, this may be a great way to enter the housing market earlier than you ancitipated.

Please note, cashback mortgages require the borrower to payback the 5% via a slighlty higher interest rate over the first 5yrs of the mortgage.  Please contact us for more details.

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