/24-7PressRelease/ - EDMONTON, AB, CANADA, May 17, 2008 - "This new low interest rate mortgage offering provides significant savings for the average Canadian home-buyer and current home-owners," said the Edmonton mortgage business CEO Gordon McCallum. "While most people indicate an interest in pre-payment privileges, the reality is that only 33% of people ever use them. Those features can add a substantial cost to the mortgage lender, so by removing them from our "Essentials" product, we're able to offer a deep discount to two-thirds of the mortgage shoppers out there."
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.
An analysis of a typical $225,000 mortgage, amortized over 25 years, revealed that, at a minimum, a customer would save $2,167.01 over the course of five years by choosing the "Essentials" Mortgage over a higher-priced five year fixed rate.
"We're proud to be able to continually offer new and exciting mortgage services and solutions for Canadians, and we're fortunate to have fantastic lending partners so we can make this happen," said McCallum.
For further information contact:
Gordon McCallum, B.Comm, AMP
President & CEO
First Foundation Inc.
780-702-7678 ext. 303
About First Foundation
First Foundation Residential Mortgages is an Edmonton Mortgage Business that 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. http://www.firstfoundation.ca
First Foundation Residential Mortgages is a licensed mortgage broker in the province of Alberta. Our head office is in Edmonton. First Foundation has been serving the needs of property owners and buyers since June 2002.
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