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how good are What is a cash back mortgage and should I consider using one?

In speaking with a mortgage adviser recently i, I found out about cash back mortgages. I was wondering if someone here knows about this and could tell me if they are a good idea.?

To give you some background, I am looking to buy a house in 1/2 years time and the approximate cost of the house is going to be close to $500,000 and. I know for sure there is no way I will be able to save 5% or 10% ($25k or $50k) for the down payment  (I am a first time home buyer).

I could take a loan from my in-laws, but I would prefer not to and although I am saving in an RRSP and TFSA and others, I will still fall short.

Edit: My math seems incorrectincorrect; I should be able to pay for at least 5% down, but I am still curious about athe cash-back mortgage and when it makes sense to use one.

how good are cash back mortgage

In speaking with a mortgage adviser recently i found out about cash back mortgages. I was wondering if someone here knows about this and could tell me if they are a good idea.

To give you some background, I am looking to buy a house in 1/2 years time and the approximate cost of the house is going to be close to $500,000 and I know for sure there is no way I will be able to save 5% or 10% ($25k or $50k) for the down payment(I am a first time home buyer).

I could take a loan from my in-laws but I would prefer not to and although I am saving in an RRSP and TFSA and others I will still fall short.

Edit: My math seems incorrect I should be able to pay for at least 5% down but I am still curious about a cash-back mortgage.

What is a cash back mortgage and should I consider using one?

In speaking with a mortgage adviser recently, I found out about cash back mortgages. I was wondering if someone here knows about this and could tell me if they are a good idea?

To give you some background, I am looking to buy a house in 1/2 years time and the approximate cost of the house is going to be close to $500,000. I know for sure there is no way I will be able to save 5% or 10% ($25k or $50k) for the down payment  (I am a first time home buyer).

I could take a loan from my in-laws, but I would prefer not to and although I am saving in an RRSP and TFSA and others, I will still fall short.

Edit: My math seems incorrect; I should be able to pay for at least 5% down, but I am still curious about the cash-back mortgage and when it makes sense to use one.

2 edited the question
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In speaking with a mortgage adviser recently i found out about cash back mortgages. I was wondering if someone here knows about this and could tell me if they are a good idea.

To give you some background, I am looking to buy a house in 1/2 years time and the approximate cost of the house is going to be close to $500,000 and I know for sure there is no way I will be able to save 5% or 10% ($25k or $50k) for the down payment(I am a first time home buyer).

I could take a loan from my in-laws but I would prefer not to and although I am saving in an RRSP and TFSA and others I will still fall short.

Edit: My math seems incorrect I should be able to pay for at least 5% down but I am still curious about a cash-back mortgage.

In speaking with a mortgage adviser recently i found out about cash back mortgages. I was wondering if someone here knows about this and could tell me if they are a good idea.

To give you some background, I am looking to buy a house in 1/2 years time and the approximate cost of the house is going to be close to $500,000 and I know for sure there is no way I will be able to save 5% or 10% ($25k or $50k) for the down payment(I am a first time home buyer).

I could take a loan from my in-laws but I would prefer not to and although I am saving in an RRSP and TFSA and others I will still fall short.

In speaking with a mortgage adviser recently i found out about cash back mortgages. I was wondering if someone here knows about this and could tell me if they are a good idea.

To give you some background, I am looking to buy a house in 1/2 years time and the approximate cost of the house is going to be close to $500,000 and I know for sure there is no way I will be able to save 5% or 10% ($25k or $50k) for the down payment(I am a first time home buyer).

I could take a loan from my in-laws but I would prefer not to and although I am saving in an RRSP and TFSA and others I will still fall short.

Edit: My math seems incorrect I should be able to pay for at least 5% down but I am still curious about a cash-back mortgage.

1
source | link

how good are cash back mortgage

In speaking with a mortgage adviser recently i found out about cash back mortgages. I was wondering if someone here knows about this and could tell me if they are a good idea.

To give you some background, I am looking to buy a house in 1/2 years time and the approximate cost of the house is going to be close to $500,000 and I know for sure there is no way I will be able to save 5% or 10% ($25k or $50k) for the down payment(I am a first time home buyer).

I could take a loan from my in-laws but I would prefer not to and although I am saving in an RRSP and TFSA and others I will still fall short.