Sunrise Cash Back Mortgage
Cash Back Mortgage
With a Cash Back Mortgage, a member will get a certain amount back from Sunrise Credit Union once their mortgage is fully funded and all conditions are satisfied, with the funds deposited into their chequing or savings account. The Cash Back offer is available for a new approved residential mortgage in any dollar amount with any fixed rate closing term using Sunrise Credit Union rates for the appropriate mortgage type.
What is eligible?
The Sunrise Cash Back Mortgage could be ideal for a first-time home buyer or purchasing a second residence, such as a cottage or cabin. However, Cash Back will also be paid on construction mortgages when construction is complete, on budget, and the mortgage is fully advanced.
Why Get a Cash Back Mortgage?
One of the popular reasons people get a cash-back mortgage is to cover expenses related to buying a home, including closing costs, moving costs, lawyer’s fees, or land transfer taxes. It could help members with items unrelated to the home purchase, such as buying furniture, contributing to their RESP or RRSP, paying off another loan or credit card, or any other investment they’d like to make. The member will also have the option to apply the funds to their mortgage as a principal payment.
How Much Cash Can You Get?
The Cash Back Mortgage will provide members with one per cent of the new mortgage balance, excluding any high ratio fees, per year of the term. The amount of the cash back is determined by the mortgage amount times one per cent times the number of years of the fixed term (i.e., $500,000 x 1% x 5-year term = $25,000). Please note that the maximum amount available for cash back is $40,000.
|
On a mortgage of |
3-Year Term |
4-Year Term |
5-Year Term |
|
$250,000 |
$7,500 |
$10,000 |
$12,500 |
|
$500,000 |
$15,000 |
$20,000 |
$25,000 |
|
$750,000 |
$22,500 |
$30,000 |
$37,500 |
*Certain conditions apply.
