Should you take cash back on a mortgage in Ontario? In a time of tight money, when every penny is allocated to sky high mortgage payments, it can be an attractive proposition. Getting a chunk of extra money at the time of closing can be a huge boon – covering moving costs, initial renovation expenses and even new home appliances and furniture. There are a number of cashback options available to the consumer and a good mortgage broker can assist in finding the best one for your pocketbook.

So, what can go wrong? For starters, cash back mortgages can be an expensive way to access additional funds. The actual cost of that cash back money is often hidden because it is bundled into the mortgage. The interest rate on that mortgage will be higher because of the cash back component. You will be paying more in the long run for your mortgage.

There are also penalty clauses. If a cash back mortgage is changed during its term, or refinanced, the initial cash back must be prepaid – and that can include a penalty or repayment premium. Also, the cash back cannot be redirected to cover closing costs or be put into the down payment, as it is not available until AFTER closing.

A trusted mortgage broker can help you weigh the options and calculate the full cost of the cash back mortgage for you. And should you still decide that the benefits outweigh the disadvantages, the broker can help you secure a cash back mortgage at the best possible rate.

Dominion Lending Centres is an Ontario based mortgage broker with branches across the Greater Toronto Area (GTA). The company has access to over one hundred lenders, which immediately makes it a great candidate for finding you the best possible rate for your mortgage. Dominion can also advise you on whether a cash back mortgage is suitable for you.

Part of Dominion’s mandate is to ensure that there are no hidden fees and costs buried the mortgages it brokers. This extends to calculating for you the financial advantages – and disadvantages – of a cash back situation.

There is another plus when it comes to Dominion Lending Centres. Because it has partnered with Shop2 Save, accessing its services via the S2S app can earn you valuable credits. You begin by filling out the brief mortgage application on the Shop2Save site. When Dominion has found you the ideal mortgage and that deal has gone through, you will receive a significant boost to your e-wallet. For example, a $500,000 mortgage can net you $7700 in e-wallet rewards.

Whether it is a new or cash back mortgage, or an everyday consumer item, Shop2Save enables you to both spend and earn gift card dollars at the same time. The concept is simplicity itself. You register with Shop2Save and through its app do your shopping. Every purchase you make results in rewards dollars being deposited into your digital wallet – and this includes using the app to access the assistance of Dominion Lending Centres. Cash back on a mortgage in Ontario may be for you!