Finding a Good Mortgage Broker in Toronto…

You may be looking for a cash back real estate mortgage in Toronto – or even what kind of mortgage is available if you are cash-strapped or have a less than perfect credit rating. In either case, Dominion Lending Centres is an excellent place to start. With offices across the Greater Toronto Area (GTA), Dominion is a rapidly growing company with access to over 100 lenders.

What this means is that Dominion’s brokers have an excellent range of choice and can secure you the best mortgage rate for your particular situation. The company stresses transparency as well, with the objective of having their clients understand every hidden fee or costs buried in the mortgage they eventually choose. And nowhere is this kind of transparency more important than with a cash back mortgage.

Cashback mortgages offer a specific solution to cash-strapped home buyers. This obviously has great appeal in these volatile economic times when mortgage rates are high and house prices also remain stubbornly lofty as well.

A cash back mortgage allows you to receive a loan deposit when your mortgage closes. Typically, that amount can be between 1 and 7% of your mortgage amount – with the average being 5%. The cashback loan is useful for moving expenses, repair, or renovations to the new home or even furniture.

You need to shop around or work with an established mortgage broker because there are many kinds of cash back mortgage options in the marketplace, and they are most definitely not all created equal.

And you should be aware also that there are drawbacks to a cash back mortgage. Most significantly it is an expensive way to access additional funds as it results in a mortgage rate of up to 1.75% higher than a conventional mortgage. There may be less expensive ways to secure the cash needed to facilitate your move or any subsequent home renovations.

Furthermore, if you break your mortgage early – or renegotiate it – you will have to pay back some of the cash back amount, along with a possible penalty or repayment premium. Because the loan amount arrives AFTER closing, it cannot be used for a down payment.

To go with a cash back mortgage or not is a big decision. Should you opt for one, there is good news if you access your mortgage broker through Shop 2 Save.

It is possible to put money in your Shop2Save wallet with a cash back mortgage. And, with Shop2Save the savings do not have fine print. There are no added interest rate premiums added to the mortgage and no cash back penalties attached to it either. Best of all, there are no hidden fees or upfront costs.

Your Shop2Save cash goes into your e-wallet, creating gift cards for Amazon, Home Depot, Walmart and over seventy other major branded cards to choose from. You can also create a custom Prepaid MasterCard that works anyplace Mastercard is accepted.

So – turn your cash back on your real estate mortgage in Toronto into Shop2Save gold!