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Tag Archive: cash back

Atrocious Renewal Offers

—The Mortgage Report: Nov. 2— Check out these hideous renewal offers from a Big 6 bank. Yes, that’s right, banks are still quoting loyal customers non-discounted posted rates—the rates virtually nobody is supposed to pay. This particular bank must really hate its customers. Fortunately, the borrower, who was extremely well-qualified, came to us for a second opinion. We told him...

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Cash-back Mortgages Get More Competitive

—The Mortgage Report: July 23— Forget Posted-rate Cash-back Mortgages: Many borrowers with less than 20% down aren’t just short on down payment funds, they’re short on closing costs too. And that’s a problem, because lenders want to ensure buyers have at least 1.5% of the purchase price available for closing costs. If you can’t easily swing that, there are now...

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Banks Entice Borrowers with Cash

Some big banks want to buy your mortgage business, literally, with cash. HSBC, CIBC and BMO are all “giving away” money. Here’s a quick run-down of their offers: HSBC Cash offer: $1,000 for $200,000 to $499,999.99 mortgages $2,000 for $500,000+ mortgages Available on all 5-year closed terms CIBC Cash offer: $1,000 for $100,000 to $299,999.99 mortgages $1,200 for $300,000 to...

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