How would like to receive 3% of the mortgage amount cash, paid to you, on closing? That's $4,500 on a $150,000 mortgage. This program is available to everyone, but since we are discussing first-time home buyers, it could help you in the following ways: with closing costs, with appliances or furniture, paying down some other debt, or making a prepayment on your mortgage, right after closing.
The cash back program can be used by someone who already has a mortgage and if the rate is considerably higher than the going rate, it pays to break that mortgage, and use the cash back to pay for the penalty costs. It's the smart moves like this that again, stack up to thousands of dollars in savings.