: What is a cash back mortgage and should I consider using one? In speaking with a mortgage adviser recently, I found out about cash back mortgages. I was wondering if someone here knows about this and could tell me if they

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The term "cash back mortgage" doesn't appear to be have a single meaning. It can mean cash back at a closing, extra cash pulled out when refinancing, or an annual rebate of some sort.

If you provide the requested details, of the terms of a loan near 0K that sports a 00/mo payment, you're likely to get some excellent advice.

The article I linked suggests these are just gimmicks and I agree. I'd focus on a normal product.

Edit - in response to OP's "over the phone" comment -

When asking about a mortgage you need to know (and we need this to answer) -

Principal - the dollar amount lent to you.
Interest rate - the annual percent charged on the balance
The term of the loan - In the US, 30 year fixed is a popular choice. In Canada, I understand loans run 5 years, and are then renegotiated. Very simple - After those 5 years, what is the balance on the loan?

Now, that's the mortgage itself, Asdfg above comments to remember there are other expenses, the property tax, homeowner association, if any, PMI (or any mortgage insurance, common for low downpayment loans) and the one time closing costs.
(If I missed something, I hope someone will just edit into this list)