From Financialpost · · 40s
Mortgage Incentives: Cashback Offers Explained
Banks offer cash rebates on new mortgages, but conditions may limit savings.
In brief
Banks offer cash rebates on new mortgages, but conditions may limit savings. Banks provide cash rebates for new mortgages, but eligibility and fees vary. Originally reported by Financialpost.
Mortgage Cash Rebates
Banks offer cash rebates on new mortgages to attract borrowers.
Current Cashback Offers
BMO offers $2,100, CIBC $2,000, National Bank $1,500, Scotiabank up to $1,000, TD Bank $1,500, RBC $1,500.
Extra Incentives
National Bank adds $1,000 for first-time buyers with 30-year amortization, RBC adds $500 for first-time buyers.
Conditions and Fees
Banks attach conditions like switch costs, HELOC add-ons, and fees that may reduce savings.
The key point
Banks provide cash rebates for new mortgages, but eligibility and fees vary.
