I see advertised “cash back” mortgages for switching or renewing your mortgage.  There is certainly a time and a place for a cash back mortgage, but not just for the fun of it.  Some of these lenders make it sound like a cash back is a reward for getting a mortgage with them (like getting a lolly pop!).  Really YOU the consumer end up paying for the cash back.  Nothing is ever free with a bank!  A 1% cash back will increase your interest rate by .30, so a 3% cash back will add .90% to your mortgage interest rate.  PLUS if you pay the mortgage out early, you will have to pay a portion of this cash back to the lender.  When considering a cash back mortgage for your swith or mortgage renewal, call Martin Krell for a free mortrgage review.  I work with over 40 different lenders and will work with you to choose the right lender for your next mortgage!