5 Ways to Use Your Mortgage Cash Back Wisely

June 9, 2025

A cash back mortgage can be more than just a bonus — it can be a boost toward real financial progress. Whether you’re getting $1,000 or $5,000, that money can go a long way when used intentionally. Here are five smart ways to make the most of your mortgage cash back.

1. Cover Moving Costs

From truck rentals to pizza for helpers, moving adds up quickly. Your cash back can take care of those expenses, so you don’t need to dip into savings or rack up credit card debt.

2. Start an Emergency Fund

If you don’t have one already, this is a great time to set up an Emergency Savings Account. Even $500 set aside for unexpected expenses can give you serious peace of mind.

3. Furnish Your New Space — Thoughtfully

Skip the impulse buys and invest in key pieces you need — like a new mattress, a couch that will last, or a dining set for years of shared meals.

4. Pay Down High-Interest Debt

If you’ve got a credit card balance or student loan with a high rate, consider using some of your cash back to reduce it. The long-term interest savings will be well worth it.

5. Invest in Your Future

Put a portion of your cash into a Tax-Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP). A little now can grow into a lot later.

Bonus Tip: Talk to a YNCU Advisor

Not sure where to start? A quick conversation with a financial advisor can help you create a simple plan based on your goals — so your cash back supports your future, not just your present.