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Written by Shayla Damery
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Wednesday, 19 November 2008 |
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First National Financial has gone and done it again - they've released more special rates on a few of their available mortgage terms.
1 year term fixed rate = 4.35%
3 year term fixed rate = 5.15%
4 year term fixed rate = 5.34%
As with their previous rate special, these rates do not apply to existing First National mortages, and no pre-approvals can be provided with these rates. Your mortgage must fund within 120 days of your application being submitted to the lender.
Additionally, these rates are subject to change without notice and are only available for a limited time.
If you'd like to see if you qualify for these special rates, please contact First Foundation today! |
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Written by Shayla Damery
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Tuesday, 18 November 2008 |
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A fair amount of mortgage lenders are currently offering low one year term mortgage rates. Generally speaking, when many lenders are really promoting their one year rates, it means that they anticipate a rate change within the next year.
That being said, there is speculation that in a year's time, fixed interest rates could be 1.0% to 2.0% higher than what they are right now. That means that lenders will be able to renew those borrowers currently holding a one year mortgage (or entering into one shortly) at a higher rate.
A lender of ours, Merix Financial, has provided us with a comparison of what would happen if a borrower locked into a five year rate versus a one year term with renewal at a higher interest rate upon term's end. Please click here if you'd like to view a copy of this comparison. |
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Written by Shayla Damery
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Thursday, 13 November 2008 |
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On Wednesday, November 12, Ottawa agreed to help out Canadian banks that are being affected by the adverse changes in the credit markets. The measures that Ottawa will be taking to alleviate some of the problems banks are having because of the credit “crisis” are:
- the purchase of $75 billion worth of mortgages
- easier access for banks to capital markets
- extra liquidity
- less strict reserve requirements
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Click to Continue...
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Written by Shayla Damery
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Wednesday, 12 November 2008 |
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One of First Foundation's lending partners, First National Financial, has announced that it is offering a rate special on one year term, fixed rate mortgages for a limited time.
First National's offer is:
4.49% on a one year term!
This rate is available for a limited time only, and is not available on refinances of existing First National mortgages. Also, there are unfortunately no pre-approvals available for this rate - you must have an accepted offer to purchase in order to qualify for it. Additionally, you must take possession of your home on or before February 27, 2009. Otherwise, regular mortgage qualification guidelines should apply.
This rate is subject to change without notice and the offer may be withdrawn at any time that First National chooses.
If you're purchasing a home and want to wait and see where mortgage rates will be in a year - without worrying about being locked into a five year term - this one year rate is perfect for you. It should also be mentioned that this 4.49% rate is lower than the current five year variable rate (of prime plus 1.0%), and has less risk since your rate is locked in for a year and doesn't fluctuate with the prime rate.
If you're interested in this rate special, please contact First Foundation today!
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