Quote:
Originally Posted by chemgear
Hmmm they don't indicate actual interest rates on that site - I wonder what the incremental interest rate premium would be?
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I just looked into Scotia's cash back program and basically for a 5 year term you pay the posted rate which is currently at 5.39%
Opposed to their best 5 year term which is about 3.89% right now. I'd have to look into it but I imagine CIBC and the others are quite similar.
So you are basically paying 1.5% more for them to come up with the down payment for you. 5.39% is actually a good rate if you look long term. It just seems sky high right now because we've been spoiled with super low rates lately.