Cashback/No Down Payment Mortgages*

With a Cashback mortgage BORROWERS can still get into a home WITHOUT having saved a full 5% down payment. Using the CMHC Flex Down Program along with a lender that has structured one of their products as a CASHBACK Program plus a contribution by your Verico Accede Financial Associate we are able to offer borrowers the ability to get into a home without having saved the full down payment of 5%. This cash back product can also be used for purchasers who have the minimum down payment but could use extra cash for other purposes.

The following is an example of how this program works.

Example - 5 Year Term, - Rate 4.94%**

Purchase Price: - $300,000.00
Required Down Payment - $15,000.00
Mortgage Insurance @ 2.90% - $8,265.00
Mortgage incl CMHC Ins. Fee - $293,265.00

• Lender's Cash Back - 3% of mortgage amount = $8,798.00
• Verico Accede Financial Contribution - $4,692.00
• Total towards down payment - $13,490.00

Another CashBack amount (5.2% - 7Yr Term - Rate - 6.20%) is available. Using this option the cask back amount would be $15,250.00. This could be further increased to $19,942.00 with the Verico Accede Financial Associate contribution.

Other uses of our Cash Back Program:
On Mortgage renewal get cash:

• to cover Closing Costs.
• Finance an RRSP/RESP contribution.
• Finance renovations.
• Finance an investment such as the purchase of a business.
• Finance a vacation or any other reasonable requirement

Before considering any of these options we recommend you discuss them thoroughly with a Verico Accede Financial Associate.

Notes: * Minimum Credit Requirements apply.

** - The calculations in this example will change if rates change.

*** - Closing costs are calculated bsed on 1.5% of the purchase price of the home. Other options are available. Please contact us for further details.