Our 3.99% 6-Mo Fixed is the lowest mortgage rate available in Canada.

Cash Back Mortgages

Need cash back on your variable or fixed-rate mortgage? You've come to the right place.

We can give you upfront cash on either rate type. But we typically won't 'promote' this option like the big banks do. Why not? Let's take a look at how your 'cash back' works, and where the money comes from (hint: it's mostly you).

Woohoo, cash! [cha-ching] Sounds great, right?

Who doesn't love cash? But the 'cash' you get in a cash back mortgage is (for the most part) just money that you'll already be paying into the mortgage, given to you up front. In order to give you that cash, you'll pay into a higher rate, which allows the lender to yank it out ahead of time (knowing that it'll be paid back over your term).

And that's great, if you really need it for something like furniture or moving expenses. Using a 'cash back' option may provide you with instant funds at a lower interest rate compared to other borrowing options available to you, such as a HELOC or credit card.

We offer cash back on both rate types:

  • Variable (adjustable) rate mortgage
  • Fixed rate mortgage

For years now, we've offered cash-back options on both these rate types through our in-house lender, THINK Financial. Our expert True North Mortgage brokers can also access other lender offers to find the best cash fit for you. Certain restrictions and/or qualification requirements will apply, as per a typical mortgage approval.

You'll usually see two types of cash-back offers out there:

  • Cash Promotion a smaller amount offered as an incentive, usually offered for a limited-time
  • Cash Back — we offer more flexibility in both cash amounts AND rate options compared to the 'set' offers advertised by the big banks
Cash Promotion Offer* Cash Back Offer*
How it works Cash incentive is tiered based on a mortgage-amount range; can come from lender's 'marketing budget,' but you'll still likely pay a higher rate Cash amount is based on a higher rate and on your total mortgage amount
How much cash do you get? $500 to $3K (the bigger the mortgage, the more cash incentive; a longer term may be required) From $500 to $10K (or more?), depending on the lender, size of mortgage, and your rate and term
How it affects your rate You'll likely pay a higher minimum rate; some lenders will have a higher rate than others for the same cash amount The higher the rate, the more cash can be freed up front, with some lenders having set restrictions on both
Is there a catch? Does your cash come with a higher rate? Cash amount is smaller and restricted by the range slot for your mortgage size. Make sure it's worth it! You pay for your cash with a higher rate. Some lenders set a specific cash amount / rate (no flexibility) OR have a higher rate compared to another lender. Make sure you shop around!
*check with lender for offer details; clawback may apply if you break your term *check with lender for offer details; clawback may apply if you break your term

How much more are you paying for that cash-back?

Not all cash-back products are the same — the higher the rate, the more you'll pay over your term. At True North Mortgage, you'll have choices and flexibility in both your rate and the amount of upfront cash, depending on:

  • The rate you're okay with paying
  • The total amount of your mortgage loan
  • The usual qualifying factors, such as down payments, income, credit standing and debts

Our salaried, highly-trained brokers have the independence to get the balance right to help you reach your mortgage goals (with cash to spare).

Flexible cash-back options, at a better rate.

Mortgages are often a pretty big financial commitment. And it's nice to have options.

Whether you want a variable (adjustable) rate or a fixed rate mortgage, tell us how much you want up front, and we can determine the best rate and product fit for your situation. No funny business, completely transparent. And with your best-possible rate to save thousands over your term.

Give us a shout for your simple mortgage process, anywhere you are in Canada. With over 15,000 5-star client reviews, we'll get it all done, with a smile.

Cash in now on your better mortgage.