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Old 09-09-2010, 02:03 PM   #1290
Mike Oxlong
Got Oliver Klozoff
 
Join Date: Feb 2003
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Quote:
Originally Posted by chemgear View Post
Is this new or has it still been around this whole time?

http://www.cibc.com/ca/mortgages/art...t-csh-bck.html

No downpayment?
There are a few lenders that offer a "cash back" product which essentially acts as a down payment for the client.

The lender forwards the "cash back" the the lawyers office at time of closing for the down payment. The client then pays a higher interest rate for the term of the mortgage.

These cash back mortgages are tougher to qualify for. You have to have a sparkling application for them to approve you, but essentially no down payment mortgages are still available.
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