Sampson, I have also been offered the same deal by one of the Big 5 (now Big 6 with National Bank joining the fray?)
From what I gather, there's a COMPLETE and FULL CLAWBACK of all cashback funds if I was to alter the mortgage in any way (port/break/blend&extend). On the flip side, the cashback will come in handy for the penalty that we have to pay to our current institution.
The difference between non-cashback and cashback rate for this lender is about 0.25%. Gun to my head, I think we will suck it up to pay the penalty and go with the lower rate.
From what I gather, there's a COMPLETE and FULL CLAWBACK of all cashback funds if I was to alter the mortgage in any way (port/break/blend&extend). On the flip side, the cashback will come in handy for the penalty that we have to pay to our current institution.
The difference between non-cashback and cashback rate for this lender is about 0.25%. Gun to my head, I think we will suck it up to pay the penalty and go with the lower rate.