How A Cash-Back Mortgage Can Help You Qualify For Mortgage Financing.

I recently helped clients who couldn't qualify for mortgage financing. Unfortunately, their application did not not qualify but only by a hair. The lender required that they pay off a personal loan in order to qualify. While they didn't have this amount of money available in their bank account, a cash back allowed them to pay off their debt and close their purchase transaction. 

This is an excellent example of how a cash back can be the difference between qualifying for a mortgage and not qualifying. It's important, however, to consider the disadvantages as well. 

A cash-back usually comes with a slightly higher interest rate and must be repaid in full if the mortgage contract is broken before the end of the term. 

Watch the video below to learn more. 

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