Mortgage Broker

Mortgage Renewals; How to educate oneself on alternatives.

2011-11-17T00:28:00.004-09:00

Financial decisions surrounding home ownership are some of the most important decisions in the average Canadian’s life. Mortgages are one of the biggest financial burdens faced by homeowners and mortgage renewals are thus an important option to consider. Often homeowners can be tied to a contract with an unreasonable payment period or a fixed contract that does not fluctuate with decreasing mortgage rates.

The reality is that most Canadians do not take the time to explore their options when the time comes to consider mortgage renewals. The easiest decision is to simply renew ones’ contract with the current lender; this seems like a far safer and time saving mechanism. However, taking just a bit of extra time to see what else is out there or judging whether or not the existing lender has given you a reasonable contract can save a considerable amount of money in the long term. Mortgage renewals offer the opportunity to get out of a contract that could be causing unneeded debt.

Any individual knows that the financial climate can fluctuate rapidly, and thus mortgage renewals open up the possibility to take advantage of a particularly low mortgage rate and negotiate a fixed contract at this rate. Other homeowners might be attempting to get themselves out of a fixed rate mortgage to opt for a more flexible option. In order to fully research the benefits available, individuals should start looking into renewal options at least three to four months before the mortgage renewals deadline. This allows one to fully ascertain the larger economic climate and the various other mortgage options available. Not leaving oneself sufficient time to research other options will most likely result in opting for the ‘easiest ’decision; to stay with the same lender.

When mortgage renewal time approaches, the existing lender will very likely not warn you far in advance, nor will they make you aware of other options. An individual should recognize this, and begin shopping around for the best rate, being sure to ask as many questions as possible to various lenders. It is also worth it to question your current lender, making it clear you have done the homework on other lenders. This increases the chances that the current lender will offer a better agreement in order to keep the business.

The simplest step one can take when the time to renew a mortgage comes is simply to do the homework. Being educated on the differing mortgage agreements that are possible is one of the most financially sound decisions you can make.

Mortgage Renewals: A Little Work Can Go a Long Way to a More Affordable Life

2011-09-21T06:25:00.001-08:00

In the current economic climate, many Canadians are paying more attention to mortgage renewal and its options. Despite the relatively stable state of the Canadian banking system and the subsequent lessening of the effects of a global economic crisis, the housing market bubble could just as easily collapse as it did in the U.S. Thus, it is imperative to carefully examine the contract and determine which mortgage renewals are sound financial decisions.

More often than not, when lending organizations send notice of impending mortgage renewals, homeowners do not put in the time and effort to find another company and instead opt for automatically re-signing mortgage renewals at the posted interest rate. Signing the mortgage renewal contract with the existing bank is automatically agreeing to the rates contained in the contract, no matter if the bank can offer a lower rate at the time of renewal. Many companies will offer a reduced rate in order to gain a new client, but this can only be obtained if the lender does their homework. For research purposes there are online services that compare mortgage rates and find the best companies to meet the needs. Alternatively, homeowners may find they glean a better result when physically taking their current mortgage agreement to various lenders and comparing interest rates in person.

When mortgage renewals are imminent, homeowners should seriously re-evaluate their current mortgage contract and consider looking for a more affordable interest rate . So many North American families are trapped in a cycle of debt that is seemingly insurmountable. Much of this is due to the credit culture in which western societies live, and the unrealistic expectations of attaining a ‘middle class lifestyle’. The reality is that very few families actually earn enough income to be able to afford the typical middle class lifestyle (aka- large suburban home, 1.5 kids and a vehicle). Thus, in order to reduce the dangers of living beyond ones means, it is important to find the right mortgage rates when mortgage renewals are in order.

In the current Canadian market, the rise of commodity and energy prices is causing many home owners to fear for mortgage renewals that come with a higher interest rate. However, the Canadian banking system was institutionalized to be relatively stable compared to other national banking systems. Based on this, it is the consensus of Canadian economists that the Bank of Canada will maintain the same rate that it lends money to monetary institutions at currently, which should have the effect of stabilizing mortgage rates.

In summation, it is vitally important to be able to perceive the larger economic climate and to take a close look at your mortgage contract when the time comes for mortgage renewals. If this seems too daunting, there are plentiful financial advisors and brokers that make it their job to assist homeowners in finding the best mortgage agreements. The Canadian loaning system is relatively stable, but this does not mean that it is not worth the time and effort to research the best rates. This could save substantial amounts of money in the long term and bring families one step closer to true middle class status.

Rethinking Mortgage Renewals

2011-08-29T22:23:00.002-08:00

Remember when you applied for your mortgage? You likely spent time investigating various lenders and rates. You probably asked friends and family about their mortgages. And when you finally decided on a lender, you managed to negotiate a lower rate. Just because you put in the effort once, doesn’t mean that you never have to do it again. Mortgage renewals can be easy, but don’t let an undemanding process fool you into thinking that you have the best rate or lender.

Mortgage renewals can be simple. The lender sends a letter or makes a phone call to their client about current rates and options. With a simple signature, ahttp://www.blogger.com/img/blank.gif mortgage can be renewed. It is estimated that 70 per cent of mortgage holders renew their mortgage this way. The other 30 per cent, however, investigate their options.

Life circumstances change. Perhaps when you applied for your mortgage you insisted on a fixed rate. But five years later you are intrigued by the new options that are available. Mortgage renewals are a time to re-assess your needs and investigate new possibilities. Just as you found your initial mortgage, you can explore various lenders and plans by yourself or with the help of a mortgage broker. Mortgage renewals with a new lender are a fresh start. Essentially, you close your old mortgage and start a new one at a better rate with a lower principal amount.

Before you switch to a new lender, it is important to know that there are often hidden costs. The new lender may want the property appraised so that they know the current market value. You may also have to pay a discharge fee to your existing lender. Finally, there will be legal fees to have your new mortgage registered. The costs and paperwork involved are often enough to deter people from switching lenders. However, the new lender is often so eager for your business that they cover the expenses and help with the paperwork. Mortgage renewals are the beginning of a new business relationship and lenders are keen to start on a positive note.

Staying on top of mortgage renewals is the best way to pay down your mortgage quickly while paying the least amount of interest. It just might be time to join the 30 per cent of mortgage holders who thoroughly research their financing options every few years.

Mortgage Renewals

2011-08-18T00:59:00.001-08:00

Home owners who have embarked on the years-long process of paying for their house can practice many strategies to shorten the length of the mortgage. They will be saving interest payments as well as becoming mortgage free much earlier. When it’s time for mortgage renewals, an excellent opportunity exists to improve the situation.

First of all, home owners need to be aware of mortgage renewal dates and find a mortgage broker three to six months before the due date. They may find the current lender has competitive rates and terms, but the broker will check all institutions, both conventional banks and non-bank facilities, and this can take some time. Brokers also work outside of usual banking hours, so clients who are employed during the day when most banks are open will find it very convenient to be able to book an appointment in the evening or during the weekend.

People who haven’t used a mortgage broker for mortgage renewals can be assured that none of their fees goes to the broker as the broker is paid by the lending institution. Brokers have a vast network of approved borrowing facilities from which to extract the best deal for their clients. Many have on-line website application processes as well where the initial enquiry can be conducted and the process begun.

Home owners would be wise, as soon as they start their home purchase, to dedicate one specific savings account to regular amounts, so when the mortgage renewals approach, they have a lump sum to put on the principal. This practice greatly reduces the amount that’s renegotiated for the next five years. Especially early in the 25 or 30 years over which the loan is amortized, as much as 75 percent of each monthly payment goes to interest, and only 25 percent goes to the principal. At this rate, many couples will be ready for retirement and still be making a mortgage payment each month. But with extra payments, the term is shortened dramatically, often in as little as 15 years as the amortized rate is lower and the equity is built up faster.

Another strategy which can be employed when mortgage renewals are negotiated is to switch to a bi-weekly payment schedule. Borrowers will be making 26 half payments, equivalent to 13 payments per year in comparison to the usual 12 monthly amounts. In the example of a $150,000 mortgage at six percent over 30 years, the bi-weekly payments resulted in the loan being paid off in 24 years.

Mortgage renewals are an important aspect of home ownership and wise financial planning. They present an excellent opportunity to enjoy freedom from costly monetary burdens much earlier. Home owners would do well to be aware of mortgage renewals dates to get the best deal!

Calgary Mortgage Broker

2011-06-14T23:00:00.002-08:00

According to figures released by CREB (Calgary Real Estate Board) in June, 2011, year-to-date residential sales in the inner city grew nearly 4%, outperforming the city wide average. That is great news for the seller, the buyer and the Calgary mortgage broker who brokered many of the sales.

Calgary is a city on the move. Recent statistics show that the city of Calgary is experiencing phenomenal growth in the inner city. Residential sales in that area of the city are up 2% in May 2011 over May 2010.

According to Sano Stante, president of CREB, “Consumers are looking for shorter commute times to work and easy access to a wider range of services provided by these inner city communities. “Many of these communities are surrounded by abundant amenities such as parks, mature trees, diverse shopping and transit which appeals to a wide range of consumers; furthermore, inner city homes can be considered a stable real estate investment, as there is significant value in land located near the city’s core.” (Source)

The Calgary mortgage broker, who collaborates with local realtors, has a database of lenders looking to provide mortgage financing in this hot market with some great rates.
With the recent change in real estate home listing laws, many homeowners are opting to sell their homes without the aid of real estate agents. This presents some unique challenges for the home buyer who may be unfamiliar with all the legal maneuverings of the real estate market. Let’s say you found your dream home in Calgary. What is the next step? Contact a Calgary mortgage broker who will advise on that crucial next step.

When you are meeting with your Calgary mortgage broker, come prepared with all your legal documentation. You will need to provide identification, proof of employment, proof of current salary, proof of position and length of time with the organization, proof of down payment, recent financial statements (bank accounts, investments), your current debt or financial obligations, credit card balances and limits, including those on store credit cards, child support or alimony amounts, car loans or leases, lines of credit, other loans. Having this information at your first meeting will greatly expedite the application process.

Your credit score is not so spectator? Not long in a new job? Are you in a legal tangle with an ex-spouse? All these factors and more will decide if you can get a mortgage or not. Your mortgage broker understands these life challenges but will work hard to secure a mortgage for you. They have a network of lenders, some of whom are willing to work with high risk loans, which enables you to have a better chance of securing that safe haven called home.

If you are looking into real estate in the Calgary market, contact a Calgary mortgage broker to discuss your many options.

New Canadian Mortgage Rules

2011-02-03T05:06:00.002-09:00

A video about new Canadian mortgage rules.

<a href="http://www.linkedtube.com/A7C7vskdv9Id316cd826f881fc752648415f863a436.htm">LinkedTube</a>

First Foundation Offers Buyer Protection Plan to Frustrated Home Buyers and Sellers in Edmonton Real Estate Market

2011-01-07T00:34:00.001-09:00

Edmonton’s First Foundation Residential Mortgages recently made the Buyer Protection Plan available for the first time in northern Alberta. An innovative solution, the plan is designed to make Edmonton’s struggling real estate market more attractive to buyers, sellers, and REALTORS®.

The Buyer Protection Plan (BPP) offers home buyers price protection; it covers up to 5% of the purchase price of a home over a 12-month period through a trust fund put aside by the seller. After 12 months, the values of surrounding homes are assessed by a third party. If values have dropped, the buyer is entitled to some, or all, of the fund.

First Foundation owner and broker Gord McCallum is pleased to offer the first of these kinds of services to Edmonton: “The BPP program was created to eliminate the downward spiral of sellers lowering prices to attract home buyers, and buyers interpreting price drops as a forecast of even lower housing prices in the future. All players in the real estate market will now have access to action-oriented solutions that address the soft market.”

The Buyer Protection Plan offers added value to Edmonton home buyers through its optional service, the Inflation Hedge Mortgage Strategy. Buyers can use it to avoid anxiety over sharp spikes in mortgage interest rates at renewal time. As rates increase, buyers have more time to grow accustomed to the changing market and avoid shocking fluctuations.

McCallum hopes this program will ease the anxiety that Edmontonians have about real estate: “We’re offering the Buyer Protection Plan as a way to motivate Edmontonians into a housing market with great rates and selection. By using this program, buyers can eliminate some of the emotional anxiety that surrounds the purchase of a new home, and sellers will have an easier time attracting buyers.”

First Foundation Mortgage Brokerage Owner Gord McCallum Dons Diaper for Baby Heroes Campaign

2010-11-03T23:38:00.001-08:00

The second annual Baby Heroes Diaper Drive for the Terra Centre for pregnant and parenting teens concluded Oct. 22, 2010. This year's campaign raised 116,431 diapers, a new record, thanks in part to a corporate challenge between the Alberta Mortgage Brokers Association and the Edmonton REALTORS® Community Foundation. AMBA was a close runner up, raising an amazing 23,692 diapers in this first year of the challenge with the REALTORS® drumming up the winning total of 25,403 diapers.

To encourage the competition, Gord McCallum, a Director with AMBA and owner of the Edmonton and Calgary mortgage brokerage, First Foundation Residential Mortgages, volunteered to wear a diaper, bib and soother in public if the mortgage brokers were to lose the challenge. In kind, the REALTORS promised to eat a "baby food" buffet of creamed corn, beef broth, sweet potatoes, custard and pureed prunes - served cold!

When AMBA came in a close second, Mr. McCallum was as good as his word and graciously greeted the crowd at the Terra campaign's wrap up event, in an adult diaper, bib and soother, as promised.

The Terra Centre for pregnant and parenting teens is a not-for-profit organization that has been serving youth in Edmonton for 39 years. Each year, approximately 600 young families access their support services, which focus on high school completion and strengthening the capacity of teen parents to be successful parents.

A big thanks goes out to all who took part and made donations to this worthy cause - First Foundation staff are already looking forward to next years Baby Heroes Challenge.

To learn more about Terra visit, www.terraassociation.com.

About First Foundation:
First Foundation is an independent mortgage brokerage that helps Alberta’s homebuyers and owners secure a mortgage at the best rate available from Canada’s top mortgage lenders. Motivated by a desire to help people achieve home ownership with savings and security, First Foundation always acts in the best interest of its clients. As a leading mortgage brokerage, it provides competitive mortgage rates, in addition to insurance and financial services. First Foundation has a head office in Edmonton and a virtual branch in Calgary, and has been serving the needs of Western Canadian property owners and buyers since June 2002. www.firstfoundation.ca

Baby Heroes Diaper Challenge

2010-10-12T02:40:00.001-08:00

When Gordon McCallum, president of First Foundation Residential Mortgages and director on the Alberta Mortgage Brokers Association (AMBA) board, found out that the Edmonton REALTORS® Community Foundation had pledged to raise 23,000 diapers for Terra’s second annual Baby Heroes diaper drive campaign this year, he decided that Edmonton area mortgage brokers could easily beat this goal if they worked together.

"AMBA is issuing this challenge to all Edmonton and area mortgage associates,” says McCallum. “I’m confident that we’ll win the challenge, but every broker has to get involved and help spread the word." Between October 6 and 22, 2010 mortgage associates can collect diapers and drop them off at First Foundation’s Edmonton office at 10043 81 Ave. NW Mondays–Fridays, 9 am–5 pm. A collective drop-off is also being planned for the end of the campaign. As an added incentive, McCallum has committed to dropping off a load of diapers in a diaper himself, complete with bib and soother, if the REALTORS® Foundation wins the challenge.

The Baby Heroes diaper drive campaign is run by the non-profit organization Terra – Centre for pregnant & parenting teens. The goal of the campaign is two-fold: to collect 150,000 diapers from sizes newborn to toddler and to help raise awareness of the challenges faced by teenage parents. The decision to participate in the diaper challenge was an easy one for McCallum and his team at First Foundation. “We wanted to get more involved with the local community and help support the young families who are part of it,” explains McCallum. “We know how expensive it can be for families who are just starting out. This campaign is a great way for us to help young families start off on the right foot.”

First Foundation is supporting the Baby Heroes campaign in a number of different ways. It plans to pledge a minimum $2,500 to the cause and promote it on the company’s high-traffic mortgage blog, Facebook page and Twitter account. The public can help out by donating diapers, donating cash, or for every individual that selects “Like” on the First Foundation Facebook page or retweets the following statement on Twitter: “First Foundation is helping pregnant or parenting teens. Retweet this and they’ll buy $2 of diapers. #babyheroes #yeg http://ht.ly/2PxaA,” First Foundation will donate $2 worth of diapers, up to a maximum total of $2,500 (in addition to their $2,500 commitment).

First Foundation President Joins High-Performance Mortgage Brokers on Top 50 Brokers List

2010-08-16T01:17:00.000-08:00

Canadian Mortgage Professional (CMP) magazine released its Top 50 Brokers List. Gordon McCallum, founder and current president of Edmonton and Calgary mortgage brokerage First Foundation, was recognized for his performance and dedication with a seventeenth-place spot.

"I'm honoured to be included on the same list as some of my heroes in the mortgage industry,” says McCallum. “My team and I work really hard to serve our clients, and our biggest reward is their satisfaction, but this is a nice bit of recognition for our efforts." Since the company first started, McCallum and his team have always put their clients’ needs first. Driven by an honest desire to help Canadians learn about available mortgage and financial services, own real estate and other valuable assets, save money, grow their net worth, and protect their assets, First Foundation continues to help clients achieve their goals today through its vast array of financial and mortgage services.

To compile its third annual Top 50 Brokers List, CMP collected voluntary submissions from mortgage brokers across Canada of the total individual volume funded for 2009. Since the survey is voluntary, the final list is missing numerous leading brokers (a.k.a., major producers); however, it remains accurate in highlighting the outstanding production achieved by those mortgage brokers on the list.

McCallum is proud to join the ranks of some of the highest-performing mortgage brokers in Canada and humbly acknowledges his team’s role in his success. "I want to thank my staff and my marketing team for helping me to achieve this Top 50 designation for the third year in a row, and I congratulate the other Top 50 finalists on their accomplishments." The top three brokers on the list included Calum Ross of Mortgage Centre (Toronto), Jim Tourloukis of Advent Mortgages (Unionville), and Paul Gazzola of Mortgage Architects (Guelph). For more information about First Foundation and its services, please visit www.firstfoundation.ca.

Alberta Mortgage Broker First Foundation Launches HELOC at Prime Program for Engineers

2010-07-08T22:35:00.004-08:00

Alberta Mortgage Broker First Foundation Launches HELOC at Prime Program for Engineers

First Foundation Residential Mortgages, an Edmonton and Calgary mortgage brokerage, is pleased to announce the launch of a specialized, limited time time program for Engineers or graduates of an Engineering program. Through this exciting offer, Alberta Engineers have an opportunity to qualify for a Home Equity Line of Credit at an interest rate of PRIME. Most lenders are offering similar products at higher rates such as Prime + 1.00%, making this a very advantageous opportunity for Engineers in the Edmonton and Calgary regions. Infact, this program is available to qualifying Engineers and Engineering graduates across Alberta.

"We're very excited to be one of the exclusive Alberta Mortgage Brokerages offering this program ," said Gordon McCallum, CEO. "It's a great opportunity for our clients employed in this field to take advantage of the historically low prime rates to pay their mortgage off faster, to invest, and to make their mortgage a tool for financial success".

Savings for our Engineer clients can be as much as $12,000 over a 5 year term and the HELOC product associated with this rate is very versatile. The HELOC provides a revolving line of credit and the ability to divide the line into several components - perfect for investing or home renovations.

First Foundation strives to be on the cutting edge of mortgage product offerings for our
Alberta clients. Watch for more unique, cost saving, wealth building mortgage products from
us in the future!

First Foundation to Offer Home and Auto Insurance in Alberta Through Marsh's Private Client Services

2010-07-06T23:04:00.003-08:00

First Foundation Residential Mortgages, an Edmonton and Calgary mortgage broker, announced today a collaboration with Marsh’s Private Client Services Practice to provide current and potential customers of First Foundation with access to discounted home and auto insurance rates.

First Foundation will team up with Marsh, the world’s leading insurance broker and risk advisor, to provide its mortgage customers added value through superior customer service and additional benefits. First Foundation’s relationship with Marsh will ensure that its customers are fully protected by personal insurance, without paying more than is necessary.

"Marsh’s Private Client Services provides a fantastic benefit that we’re very proud to offer to our clients. At First Foundation we strive to ensure that our clients make good financial decisions-and good quality protection for life’s uncertainties is a necessary part of any financial program," said Gordon McCallum, CEO of First Foundation. "We also want to make the entire mortgage financing process as easy and convenient as possible. The Marsh online quote process is simple, easy to understand, and quick. As most of our clients need some form of home insurance and auto insurance coverage, the services provided by Marsh are a perfect fit."

Alberta Mortgage Broker First Foundation Named Finalist for Two Canadian Mortgage Awards

2010-03-23T01:28:00.002-08:00

First Foundation Residential Mortgages, an independent Edmonton and Calgary mortgage broker, is pleased to announce that it is returning to the Canadian Mortgage Awards as a finalist in two categories. In 2009 the company was honoured as a finalist for "Best Customer Service from an Individual Office". For 2010 First Foundation is being recognized as a finalist in the categories of "Best Internet Presence" and Lisa Perrot, a star Associate with the firm, is a finalist in the "Best Newcomer" category.

"We’re honoured to be returning to the Canadian Mortgage Awards in 2010 and grateful for the opportunity to win a couple of awards." said Gordon McCallum, CEO of First Foundation. "I’m particularly proud of Lisa Perrot who has worked so very hard over the past year and who truly deserves the recognition she’s getting."

The new FirstFoundation.ca website was designed with the mortgage shopper in mind. Information is easier to find, with better search functionality and a more pleasing look. Helpful tools such as java-based Canadian mortgage calculators, a secure online mortgage application, a very complete mortgage glossary, and clear answers to many frequently-asked-questions make the site quite useful.

In addition to its website, First Foundation has also become somewhat of a mortgage pioneer in the area of social networking, with a strong presence on Facebook, LinkedIn, and Twitter, with over 2,300 people following mortgage news, industry insight, and changes to mortgage rates posted by the company.

"The award we’ve been nominated for is ‘Best Internet Presence’, and what we’ve realized over the years is that a website alone isn’t enough. There are so many other great Internet and mobile technologies out there that we’ve had to revise our online goal. We no longer just want to have the best mortgage website in Canada, but we want to have the best mortgage content and mortgage tools for home buyers and home owners, and we want to give them options as to how they access them," said McCallum.

To celebrate being named award finalists and show appreciation for First Foundation’s Facebook fans and Twitter followers, First Foundation is giving away a FREE ‘$50 Amazon Gift Card’ to one lucky person who becomes a new Facebook Fan or Twitter Follower between today and April 23, 2010, to coincide with the date of the Canadian Mortgage Awards celebration. The winner will be announced on First Foundation’s blog, Facebook Fan and Twitter pages.

Mortgage Interest Rate Update Feb 18 2010

2010-02-23T01:18:00.002-09:00

Latest Edmonton and Calgary mortgage rates:
1 year fixed: 2.37%
5 year fixed: 3.69%
5 year Adjustable Rate Mortgage (or variable, if you prefer): Prime -.40% = 1.85%
7 year fixed: 4.95%

If you have any questions, feel free to contact Edmonton and Calgary Mortgage Broker, First Foundation Residential Mortgages.

First Foundation Adds New Member to Edmonton Mortgage Team

2009-12-20T22:48:00.002-09:00

First Foundation Residential Mortgages, a leading Edmonton and Calgary Mortgage Broker, is proud to announce that Lisa Keddy, B.Comm, AMP, has joined the firm.

Lisa Keddy has joined the ranks of First Foundation as the company's Business Development Manager. Her main focus at First Foundation will be creating and maintaining referral relationships with Edmonton's professional community.

Lisa is originally from rural Nova Scotia. She has a background in public and private sector management, and more recently the financial services industry, which she's been involved in since 1999. Recently she worked with Edmonton's financial planning community as a representative of the Manulife ONE product. Prior to her stint at Manulife, Lisa was the Business Development Manager for CHIP (Canadian Home Income Plan) for four years, which is how First Foundation came to know her. CHIP offers reverse mortgages to Canadian seniors 60 and over. First Foundation's subsidiary, Horizon Equity, is licensed by CHIP to offer its product to First Foundation customers.

First Foundation as a whole is excited to have Lisa on the team. Gordon McCallum, Broker and owner of First Foundation Residential Mortgages says, “First Foundation is really happy to add another quality individual like Lisa to our team. In our past dealings with her, we've always found her to be professional and responsive, so it's nice to have her on our side now.”

To visit the First Foundation website, please go to http://www.firstfoundation.ca

To visit the Horizon Equity website, please go to http://www.horizonequity.ca

About First Foundation
First Foundation Residential Mortgages was founded in 2002 in Edmonton, Alberta as a response to growing consumer demand for more competitive mortgage options. The Edmonton mortgage company originates mortgages for many of the largest financial institutions in Canada, including several chartered banks, trust companies, mortgage-backed securities lenders, and credit unions. First Foundation specializes in reducing the overall cost of mortgages for its clients with highly competitive rates and mortgage strategies, such as the popular Smith Manoeuvre. www.firstfoundation.ca.

Mortgage Rate Drops

2009-09-28T22:25:00.002-08:00

Updates from First Foundation Residential Mortgages.

First Foundation’s mortgage partners have dropped mortgage rates.

New mortgage rates:
1 Year Fixed: 2.40% (down from 2.55%)
3 Year – 3.34% (down from 3.39%)
5 Year – 3.84% (down from 3.89%)

Breaking Your Mortgage

2009-07-26T23:56:00.003-08:00

Sometimes, you might run into a circumstance where you need to break your mortgage. Breaking your mortgage means that you payy off the outstanding mortgage balance in full prior to the end of your term.

Three Months' Interest
The three months' interest penalty is calculated by multiplying the balance on your mortgage by the interest rate your mortgage is at. For more information, please visit FirstFoundation.ca.

Horizon Equity Helping Seniors Boost Retirement Income in Tough Times

2009-03-27T00:56:00.002-08:00

Many Canadian seniors are supplementing their retirement incomes in these uncertain economic times by accessing some of their home equity through the Canadian Home Income Plan (CHIP), known as a reverse mortgage.

CHIP, offered through Horizon Equity, allows Canadian seniors to access up to 40% of their home equity (depending on their outstanding mortgage balance, age, and a few other factors), and can receive the funds in one lump sum payment or through monthly payments. With the funds accessed through CHIP, seniors are able to substantially increase their retirement cash flow, which creates peace of mind in times of economic hardship.

Accessing a CHIP home equity loan is also 100% tax-free. Because the money seniors are withdrawing is equity in their home, it's already after-tax dollars. CHIP further affects cash flows in a positive way, in that the payments are not considered retirement income because seniors are simply accessing their home equity. This means Old Age Security (OAS) and Canadian Pension Plan (CPP) payments will not be clawed back or decreased.

The best thing about the Canadian Home Income Plan is that there are no debt repayments required by Canadian seniors who utilize it. The only instances where a Canadian reverse mortgage would need to be repaid are if both seniors move out of the property or pass away. Therefore, they can use CHIP as long as they need to without worrying about repayment.

CHIP reverse mortgage products are provided through Horizon Equity, a division of First Foundation Residential Mortgages in Alberta, Canada. Interested Canadian seniors can find out more about Horizon Equity and the CHIP reverse mortgage offering by visiting www.horizonequity.ca.

Horizon Equity Helping Seniors Boost Retirement Income in Tough Times

2009-03-27T00:56:00.000-08:00

Firstfoundation.ca 3.0 - Coming Soon to the Interweeb (To Serve You Better!)

2009-02-12T23:40:00.001-09:00

The rumours are true! The much loved, but quite RED firstfoundation.ca website is getting a major overhaul. You know, the original design for that website cost me $35? That's all I had! Thankfully many people have been willing to overlook some of the aesthetic flaws and made good use of the site to learn and communicate with us. We've been hard at work to replace the existing site with one that's every bit as informative, easy to use (easier, actually), better organized, and much more visually appealing. We should have something to show you by the time the next newsletter comes out. We'd love to hear what you think and we want to make FirstFoundation.ca your preferred choice for mortgage news and information on the web.

Thanks again for your business! All of us here at First Foundation really appreciate it.

Home Mortgages Calgary

2009-01-21T03:49:00.000-09:00

Understanding Calgary mortgages has never been easier! HomeMortgagesCalgary.ca provides expert written articles about Calgary mortgages and the housing market. The website is a source of free advice about getting pre-approved and securing a mortgage in Calgary.

CAAMP Releases Fall Canada Mortgage Market Report

2008-11-28T03:54:00.001-09:00

The Canadian Association of Accredited Mortgage Professionals (CAAMP) recently released their fall mortgage consumer survey report titled State of the Residential Mortgage Market in Canada.

Overall, the majority of mortgage consumers are positive despite the current financial uncertainty in Canada. Some of the stimulating results are as follows:

- 35% of Canadian mortgage consumers believe that home prices will drop, and 38% also believe now is a good time to purchase a home.
- More Canadians than ever are going to brokers for their mortgage needs. Forty percent visited a mortgage broker in 2007, which is an increase from 28% in the previous year.
- Although 66% of mortgages have fixed rates, more consumers are choosing variable rates instead (about 40% of total mortgages, versus 21% the year before).
- Fixed rate mortgages remain popular with 18 to 34 year olds, with 73% of that demographic choosing to go with an interest rate that's a little more stable
- The average mortgage interest rate was 5.41%, 0.15% lower than the average rate the year before.

Debt Consolidation

2008-10-30T05:40:00.001-08:00

Whether it's because you were injured unexpectedly and were out of work for a month, you had unforeseen repairs needed on your car, or you just went on a crazy shopping spree, your credit cards may be a little racked up. But wow, are those interest rates high! If you're wondering how to avoid paying that hefty interest charge that usually comes with carrying a balance, we have a potential solution for you! If you currently have a mortgage on your home, and have equity in the property, debt consolidation via refinancing your mortgage could be what you've been looking for.

A common argument is that sure, monthly payments will be lower, but that the debt would take longer to pay back. While this is true, the amount of interest saved through consolidation is enough of an advantage in itself to outweigh the disadvantage of paying the debt over a longer period of time. That being said, consolidating your debt into your mortgage does not stop you from making extra payments and paying the “credit card, etc. debt” that has been integrated into your mortgage down sooner. You could also take your debt consolidation a step further, and do what is called the Smith Manoeuvre. At the same time you consolidate your debt, you can also obtain a Home Equity Line of Credit which can be used to finance investments, while getting a tax write-off. Not only will your monthly payments
be lower, but you will also be building an investment portfolio, which contributes greatly to your future financial well-being.

If you have a mortgage, and some debt you'd like to consolidate, please contact First Foundation Residential Mortgages to explore the refinancing and consolidation options available to you. First Foundation can also help you obtain a mortgage pre-approval or approval if you're purchasing a home. In addition to providing mortgage services, First Foundation can also put you in touch with quality financial planners that can help you with your financial planning and life insurance needs.

First Foundation - New Articles

2008-07-31T01:15:00.002-08:00

Federal Government Makes Changes to Insured Mortgages - The maximum amortization period allowed on insured mortgages will now be 35 years, as opposed to 40 years.

Top 50 Broker in Canada - Gordon McCallum, an Edmonton Mortgage Broker and owner of First Foundation Residential Mortgages, has been named to Canadian Mortgage Professional Magazine's list of the Top 50 Mortgage Brokers in Canada with a final ranking of 16th in the country.

Bank of Canada Leaves Rate Alone Again - The Bank of Canada decided to keep the overnight lending rate at 3%. This means that lenders' prime lending rates should remain stable at 4.75%.

Mortgage Rates

2008-07-10T23:35:00.002-08:00

The new rates are:
$100-$249k: 5.59%
$250-499k: 5.49%
$500-$999k: 5.24%
$1million +: 5.14%

Please contact a First Foundation mortgage specialist or fill out our convenient online mortgage application for more specifics related to your particular needs.

Edmonton Mortgage Broker - Rental Market Survey

2008-06-11T04:12:00.003-08:00

The average apartment rental vacancy rate decreased from 2.8% in 2007 to 2.6% in 2008.

In Edmonton we have seen the vacancy rate increase from 1.1% in 2007 to 3.4% in 2008.

More in Edmonton: Higher Vacancy Rates, but Less Affordable Rent article.

Edmonton Mortgage Business

2008-05-29T05:56:00.003-08:00

First Foundation, an Edmonton Mortgage Business, Announces Deeply Discounted “Essentials” Mortgage

First Foundation Inc., a residential-focused Edmonton Mortgage Broker, announced they are now offering a deeply discounted five-year fixed rate mortgage that offers most Canadian home-buyers just the “essentials”.

The product is not without some of the usual benefits, however. Home-owners can still choose shorter amortization periods, make weekly or bi-weekly accelerated payments, and increase their minimum payments by 10% each year – all of which can result in significant savings and shorter amortization periods.

You can read more from FirstFoundation.ca website.

Edmonton Mortgage Company

2008-04-25T01:20:00.000-08:00

First Foundation Inc., a residential-focused Edmonton Mortgage Company, is proud to announce that they have partnered with CHIP Home Income Plan to offer easy home equity access for Canadian Seniors.

“First Foundation is proud to offer our customers a great solution to some of the cash flow challenges of retirement”, said Gordon McCallum, President of First Foundation Residential Mortgages. “The CHIP Reverse Mortgage gives our customers an easy, safe, and effective way to access the equity in their homes without the hassle of selling the home, paying tax on the cash, or having to make mortgage payments.

If you're interested to see if you or a loved one can qualify for a CHIP Home Income Plan, please contact First Foundation’s home mortgage experts today!

Understanding Mortgages

2008-02-01T02:33:00.000-09:00

A mortgage is a long-term loan for a property.

There are two parties: the mortgagor and the mortgagee. The mortgagor is the property owner. The mortgagee is the lender.

A fixed rate mortgage is one in which the interest remains the same for the term of the loan.
Adjustable Rate Mortgage (ARM) has interest rates.

The Fifth Anniversary Party

2008-01-31T07:13:00.000-09:00

From now, in First Foundation Residential Mortgages website you can find testimonials from customers. The video made at their fifth anniversary party shows that many of clients have become good friends. You can watch the video at “Mortgage Testimonials” page from FirstFoundation.ca.

Real Estate Investing – A New Section at FirstFoundation.ca

2008-01-22T00:36:00.000-09:00

Real estate investment is becoming more and more interesting for Canadians. The return on investment for this kind of investment is becoming more attractive. Also, purchasing a rental property is another effective option to increase ROI.

First Foundation Financial Services will help you choose the right investment products for real estate investments. You can read more in our new section “Real Estate Investing” from First Foundation’s website.

First Foundation Announces 100% Financing For Rental Properties

2007-12-10T02:39:00.000-09:00

Edmonton, AB, Canada December 5, 2007 – First Foundation Inc., a residential-focused Edmonton Mortgage Broker, announced a 100% financing option on select rental properties through First National Financial and Canadian Mortgage and Housing Corporation (CMHC).

The new CHMC product allows borrowers to purchase one- to two-unit rental properties with no down payment, or refinance the properties for a loan-to-value ratio of up to 95%. Also, borrowers can now purchase three- to four-unit properties with as little as 10% down, or refinance the properties for a loan-to-value ratio of up to 90%. There is no application fee or lender appraisal required.

Amortization can be up to 40 years, which can help reduce an investor's monthly expenses. The product is available for individuals that are Permanent Residents of Canada, including newcomers to Canada, self-employed borrowers and corporate borrowers. Available interest rate types include fixed, variable and adjustable.

“The 100% financing option on rental properties is a great new tool for small real estate investors. People who want to participate in real estate as an investment without the need for significant amounts of capital to get started are certainly going to benefit,” said Gordon McCallum, President and CEO of First Foundation Inc. “We are proud to bring yet another innovative product from our lending partners to the Alberta home buyer and home owner markets.”

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For further information contact:
Gordon McCallum
President & CEO
First Foundation Inc.
780-702-7678 ext. 303

About First Foundation

First Foundation Residential Mortgages was founded in 2002 in Edmonton, Alberta as a response to growing consumer demand for more competitive mortgage options. The company originates mortgages for many of the largest financial institutions in Canada, including several chartered banks, trust companies, mortgage-backed securities lenders, and credit unions. First Foundation specializes in reducing the overall cost of mortgages for its clients with highly competitive rates and mortgage strategies, such as the popular Smith Manoeuvre. www.firstfoundation.ca

About First National Financial

First National is the largest non-bank provider of single-family residential mortgages in Canada. First National also offers commercial mortgage services. They offer competitive mortgage options (for both residential and commercial mortgages), timely approvals and excellent customer service. First National currently administers over $28 billion in residential and commercial mortgages. www.firstnational.ca

About the Canadian Mortgage and Housing Corporation

The Canadian Mortgage and Housing Corporation is Canada's national housing agency. It was established as a government-owned corporation in 1946 to address Canada's post-war housing shortage, and has since grown into a major national institution. CMHC is one of Canada's major providers of mortgage loan insurance, mortgage-backed securities, housing policy and programs, and housing research. www.cmhc-schl.gc.ca

What is a mortgage?

2007-11-02T04:45:00.000-08:00

Mortgage - To pledge a property to a lender as security on a loan.

Wikipedia definition: A mortgage is a method of using property (real or personal) as security for the payment of a debt.

Mortgage Glossary

2007-10-29T05:23:00.000-08:00

The difference between a Co-signer and a Guarantor

Effectively, a co-signer is a co-owner of the property you purchase as they are registered on the title with you.

A guarantor is just that, they guarantee a mortgage or more specifically, they guarantee that mortgage payments will consistently be made. The owners of the property can later, after a specified time period, have the guarantor submit an application to CMHC or GE to be taken off of the title due to the home owners now being able to qualify themselves.

Complete an Online Mortgage Loan Application
or learn more about our Online Mortgage Broker Products

A Good Time to Buy

2007-10-29T05:19:00.000-08:00

As a continuation from last month, the Edmonton housing market is becoming more buyer friendly, which makes it a great time to purchase a home. A few months ago, the number of houses for sale was significantly less, which made it hard for home buyers to find that perfect house.

First Foundation can assist in your house search process by getting you pre-approved prior to the start of your house hunt (if you don't already have one). A pre-approval will provide you with the knowledge of what you can qualify for in terms of a mortgage amount so you have a clear idea of your price range.

Furthermore, First Foundation can set you up with a 100% financing option or a long-term amortization mortgage that will make your ongoing payments very affordable. As an example, lets say you bought a $355K house with 3-4 bedrooms, and your payments would be approximately $1850 (40-year amortization, zero down). Commonly, a home such as this could be rented out for about $2,100… that results in savings of about $250/month!

First Foundation website

2007-10-26T08:15:00.000-08:00

First Foundation Residential Mortgages, a licensed mortgage broker in Edmonton, Alberta, has been aiding home owners and home buyers since June 2002.

As a Mortgage Broker, First Foundation will help you in choosing the ideal mortgage product to meet your specific needs and objectives. The best part is you don’t pay us a cent!

First Foundation’s website provides interesting information about Canadian mortgage products, debt consolidation loans, the Smith Manoeuvre, and mortgage life insurance.

At FirstFoundation.ca you can find an easy to use online mortgage application form to get started. Also, you can find free mortgage payment calculators and an interesting section on our “Commercial Mortgage” offering.

With an in-depth “Mortgage Article” blog section, First Foundation’s website shares useful information about mortgages in Canada: the importance of good documentation, Bank of Canada rates, mortgage statistics, and more.

Our “Canadian Mortgage Glossary” introduces website visitors to common mortgage terms and their definitions. For example, do you know about “Land Transfer Tax”? Reading our glossary you will find the following definition: “Land Transfer Tax is a fee paid to the municipal and/or provincial government for the transferring of property from seller to buyer”.

At First Foundation we believe in a high level of service and helping our clients get the best mortgage rate to match their circumstances. We pride ourselves in assisting clients in navigating the complex world of mortgages and keeping the process simple and pain free. We encourage you to visit FirstFoundation.ca and get to know us better – we hope to hear from you soon!