Exclusive Cash Bonus Program - The Mortgage Centre Cobourg
2023-11-01 | 06:01:36
Cash Bonus
Note: the application must be submitted on or after November 1, 2023 and on or before February 2, 2024, in order to qualify for this offer. Fund by date is February 29, 2024.
- The offer is available for a 3-year closed fixed, variable or adjustable term or longer.
What you need to know Cash Offer:
- Purchase, Refinance and Transfer-in customers can benefit from a cash bonus of up to $5,000 based on the amount of *new funds borrowed. Customers who opt for a Mortgage OR a combined Home Equity loan with a Term Portion that meet the requirements are eligible for the cash bonus offer!
- The requirements are:
- Selecting a Mortgage or a Term Portion on a new mortgage that:
- Has a minimum three-year closed term
- Has a minimum, new principal amount of $100,000
3 Year or 4 year Terms
Mortgage Amount
$1,000,000+ $5,000 Cash Bonus
$750,000 – $999,999 $3,500 Cash Bonus
$500,000 – $749,999 $2,500 Cash Bonus
$300,000 – $499,999 $1,000 Cash Bonus
$100,000 – $299,999 $500
5 Year Terms or Longer
Mortgage Amount
$1,000,000+ $5,000 Cash Bonus
$750,000 – $999,999 $3,500 Cash Bonus
$500,000 – $749,999 $2,500 Cash Bonus
$300,000 – $499,999 $1,000 Cash Bonus
$100,000 – $299,999 $500
Receiving the Cash Bonus.
3 Year and 4 Year Closed Terms
In order to receive the cash bonus the lender will require that the pre-authorized debit (PAD) payments for the Mortgage must be debited from an existing or new Lender Chequing or Savings Account. In order to do this, the customer must provide details for the Lenders Chequing or Savings Account in the form of a 'void' cheque' to the solicitor or notary at closing. The Mortgage Centre Cobourg will assist borrowers on what they need to do.
Important: If the customer does not have an existing Chequing or Savings Account with the lender, they can open one online or through the branch.
Qualifying customers will automatically receive the lender portion of the cash bonus within 30 days of funding, as follows:
- Lender Mortgage: deposited directly to their Lender PAD account
- Lender Home Equity: applied directly to the Revolving Portion.
ONLY ONE LENDER IS OFFERING CASH BONUS ON 3 Year or 4 Year Terms at this time. A portion of the cash bonus for the 3 Year or 4 Year Closed terms is being offered by The Mortgage Centre Cobourg directly and will be mailed within 45 days after closing.
5 Year Closed Terms or Longer
Cash Back is available through Multiple "A" Lenders. Depending on the lender, an account may be required as in the 3- and 4-year options above (see above for details). For all other lenders, cash bonus is sent directly to the client after closing through the mail within 45 days of closing. The Mortgage Centre Cobourg will verify with each borrower how their cash bonus will be received.
Qualified Applicants only may receive a Cash Bonus, subject to lender requirements. Cash Bonus program is subject to Lender participation. Lenders may end their participation without notice.
*New funds requirement is for any borrower who may be staying with the same lender (that is part of the program) they are already with. Example – Refinance or a ported mortgage adding $100,000 in a term portion to the existing mortgage. The Cash Bonus applies to the new added amount only.
