Cash at closing
for what really matters.
Receive 1-7% of your mortgage amount as cash at closing — perfect for legal fees, moving costs, new appliances, or that emergency cushion.
- BBB Accredited
- No fees, ever
- Licensed Alberta brokers
Get Your Free Estimate
A specialist will review your numbers and email your estimate within 5–10 minutes.
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Tell us a bit more
This helps us understand where you're at so we can match you with the right options.
What's your down payment situation?
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When are you looking to buy?
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Your Income & Debts
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We never pull your credit for this estimate. Your information is never shared or sold. For more information, please refer to our Privacy Policy.
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The Skip the Down Payment program — and any mortgage with less than 20% down — requires solid credit history. Here's what good credit looks like and how to build it.
If you don't have any credit history yet, start with secured Visas from Scotia Bank and Home Trust — they're easier to approve for and a great first step. You can track your score for free at www.equifax.ca.
Down payment ranges and what credit you'll need
- 0–4% down: excellent credit, score above 680
- 5–9% down: score of 620+, no late payments or collections in the last 2 years
- 10–19% down: score of 580+, no recent late payments or collections
- 20%+ down: multiple lenders available depending on your interest rate tolerance
Tips to bump up your credit score
- If you've missed payments, try to open or maintain three credit accounts with perfect repayment going forward. (Student loans don't count.)
- Re-establishing payment history typically takes:
- ~12 months for one missed payment
- 2–3 years for 60- or 90-day late payments
- 3+ years for written-off debts (excluding minor collections like cell phone bills)
- Consumer proposals and orderly payment of debt are treated like a bankruptcy for mortgage purposes — wait times are significantly longer.
- Keep credit utilization low. Utilization is the ratio of balance to total credit limit. 30% or under is ideal.
- If you plan to purchase a home within 24 months, do not finance a vehicle purchase — the high utilization of that debt will reduce your score and your mortgage approval chances.
Why closing cards can hurt you
Say you have these accounts:
| Account | Limit | Balance |
|---|---|---|
| Credit Card A | $15,000 | $0 |
| Credit Card B | $10,000 | $0 |
| Credit Card C | $5,000 | $4,000 |
| Loan (orig. $20,000) | $20,000 | $17,000 |
Total utilization: $21,000 balance ÷ $50,000 total limit = 42% — that's healthy.
Now close Cards A and B (because you don't use them). New utilization: $21,000 ÷ $25,000 = 84% — that's bad. Your credit score could drop 50 points overnight.
Closing day is expensive
First-time buyers often discover, late in the process, that the down payment isn't the only money they need at closing. Lawyer fees, title insurance, property tax adjustments, an inspection, sometimes a mover, sometimes new appliances — closing costs can run $5,000-$15,000.
A cash-back mortgage gives you a percentage of your mortgage amount back as a lump sum at closing, deposited to your account by your lawyer. It's funded by the lender as a marketing incentive — typically in exchange for a slightly higher rate.
Right fit checklist
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Credit score 620+. Cash-back programs are mainstream — most lenders offer them. Standard credit qualifying applies.
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Standard down payment. Typically 5% minimum down. Cash-back is the structure on top of a normal-down mortgage, not a zero-down program.
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Five-year fixed term. Almost all cash-back mortgages are 5-year fixed. The cash-back is funded by the rate spread over those 5 years.
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Hold for the full term. If you break the mortgage early, you usually have to pay back a pro-rated portion of the cash-back. Best for buyers who plan to keep the mortgage.
Three steps to a quote
Choose your cash-back %
Common options: 1%, 3%, 5%, sometimes up to 7%. Higher percentages mean a higher rate — we'll show you the math.
Standard mortgage process
Application, approval, funding — same flow as any other mortgage. The only difference is the cash-back amount on the funding sheet.
Cash deposited at closing
Your lawyer deposits the cash-back amount into your account on closing day, alongside the regular mortgage funding.
Cash-back use cases
Cover closing costs
Legal fees, inspection, title insurance, property tax adjustments — all paid from the cash-back. No out-of-pocket beyond the down payment.
New appliances and furniture
First-home buyers usually need at least a fridge and stove. Cash-back covers it without dipping into emergency savings.
Build emergency fund
If you used most of your savings for the down payment, the cash-back can rebuild a 3-month emergency cushion immediately.
Pay down high-interest debt
If you have lingering credit card balances, applying the cash-back to them on day one is one of the highest-return uses.