About Cashback Mortgages
Cashback mortgages are available on both new and renewing mortgages with Interior Savings. If your mortgage is not yet up for renewal, don't worry, we can work with you on different options.
The best part is for mortgages currently with Interior Savings that are up for renewal, there is no requalification necessary and there is no increase to the amount of your mortgage. This is a great option to unlock some needed additional funds if you do not want to do an equity draw.
How Does it Work?
If you take a cashback mortgage at the time of renewal, all aspects of your mortgage renewal stay the same (amortization/loan amount) but you get 5% of your mortgage amount back in tax free cash, this is offset with a 1% premium charged to the rate.
With mortgage rates at an all time low, this means most likely no change to your current mortgage payment amount and get 5% of your mortgage back in cash!