Friday

The 7% Cash Back Mortgage from TD Canada Trust

The 7% CashBack mortgage - TD Canada Trust is promoting this product big time these days. TD bank gives you gives you 7% (up to $50000 max) of your mortgage amount in cash when you select a 7-year fixed rate mortgage. You get the cash as soon as your mortgage is funded and you can spend it on anything you want. But do you really need to lock in for 7 years? Is that your best bet? Will you pay more in interest than your cash back? Ask them to you give you a detailed analysis before you sign that dotted line.

TD allows you to use the cash back to pay down your mortgage. See if you can get ahead by exercising this option. But the real question is the interest rate? Are you getting the best offer? I say talk to a mortgage broker first.

0 comments:

Copyright | The Mortgage Man Abbotsford Real Estate