Open House - The Real Estate and Mortgage Show
Steve, Frank and Paul take all of your real estate and mortgages questions. Can cash back mortgages be a hindrance when trying to sell your house early? This question... and more answered on another episode of Open House.
This week on Open House - The Real Estate and Mortgage Show, a variety of topics are discussed. Cash back mortgages, proposed regulation tightening and mortgage rates are all on the table this week.
The cash back mortgage was introduced as a solution for those who do not have the ability to save the minimum down payment required to enter the mortgage market. On this week's show, we learn that this may not be the best product for those planning to move in the near future, as the "cash back" portion of the mortgage fronted by the lender must be paid back. This coupled with any penalty resulting from breaking the mortgage can produce extra unexpected debt. Frank Napolitano suggests that those who decide to obtain a cash back mortgage should be prepared to stay in their home for at least five years to avoid this issue.
For more information on any of the subjects discussed in this week's Podcast, feel free to contact a qualified Mortgage Broker.