Edmonton Mortgage Blog

Your Edmonton Mortgage Broker: Natalie Wellings

Buy a house, keep a little money in your jeans

January 21, 2015 | Posted by: Natalie Wellings

This week I am going to highlight a great product I can offer! One of the lenders I work very closely with offers a fantastic designer mortgage product which allows you to choose various cash back options on your mortgage. The promotion allows qualifying home buyers to purchase a home, choose their own interest rate (currently ranging between 4.19% and 3.74% on a five year closed term) and choose their cash back amount.

We all know that it costs money to move house, most people end up buying some new furniture or completing small renovations such as installing new lighting in their new home. For a lot of first time buyers, these extra purchases are made with a credit card, often with very high interest rates. The cash back program I am offering will give you a little cash to make these purchases and renovations without having to use additional credit sources. The slightly higher mortgage rate (up to 4.19%) is certainly better than the 18+% charged by your credit card companies!

Here’s an example of how this program works.

Mortgage information: $250,000 over 30 years

Choices: borrowers can pick an interest rate ranging between 4.19%* and 3.74%*

Interest Rate

Cash Back amount

Monthly mortgage payment













So, as you can see with the examples above, the difference between a mortgage at 4.19% and a mortgage at 3.74% is $63.53/month, when you calculate this over the five year term ($63.53 x 60) it works out to a difference of $3,811.90. You have received $4,500 in cash back and will pay a total of $3,811.90 back over their five year term.  I’d call this a win-win solution!

This mortgage truly is a “designer” mortgage, allowing you clients to choose the right mortgage for your needs!

Please contact me for more information!


*Rates subject to change at any time. Calculations are based on a $250,000 mortgage, 30 year amortization and a five year closed interest rate. The cash back amount will increase/decrease depending on the total mortgage amount. Interest rates are subject to purchaser & property qualification and can change without notice. Borrowers may have to qualify and pay a higher rate. Subject to approved credit and income verification. O.A.C. The cash back may be reduced and the interest rate increased if the mortgage does not close within 30 days of submission to the lender.


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