Cash Back and Honeymoon Offers..

Anthony Alabakov

Sugar Hit Lending. Why it's not always so sweet for the borrower.

Cash Back and Honeymoon Offers..

Refinancing can earn you up to $5k cash! Just for doing some paperwork and moving your mortgage. And if you own multiple properties, refinancing at the same time could mean that you’re eligible for multiple cashback offers. Some lenders allow you to compound these - We’ve seen one client get paid $16,000 for refinancing 4 investment loans at once.

Now while all this is very tempting – there’s a bit more to it.

Cashback offers can be beneficial for borrowers who are looking to reduce their upfront costs, or to pay down other debts. It can also help to improve your cash flow or provide a little extra money to use towards other expenses.

However, keep in mind that earning cashback shouldn’t be the only thing you consider when refinancing. Afterall – It is an incentive offered by the lender to attract you as a borrower! As Mortgage Brokers, we will help you ascertain which offer is the best for you – And sometimes this may mean no cash back, but you may earn this value back in savings over the life of your new loan.

You don’t think they’re giving away all that cash because they don’t like having profitable customers. They are going to want to make that, and more back off you.

This goes the same way for honeymoon offers. They are often very enticing, they look cheap, and you think “Oh, I'll just refinance in 2 years when the honeymoon is done”.

But they aren’t going to alert you when this happens and life gets busy, they are banking on you missing this date and continuing on with an inflated high interest rate.

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