Mortgage Blog
Bank of Canada Lowers Overnight Rate Drastically
March 4, 2008 by Shayla Damery
Today, March 4th, 2008, the Bank of Canada once again lowered its overnight lending rate, but this time they lowered it by a whopping 0.5%. The new overnight rate is now 3.5%.
Although demand for goods within Canada has remained strong (due to high commodity prices and strong employment), foreign demand for Canadian goods has decreased, largely due to the slowing economy of the United States and the appreciation of the Canadian dollar. Because the American economy is expected to slow even more, this could have adverse effects on Canada. As a result, the Bank of Canada ...
Read more »What is a mortgage planner?
March 3, 2008 by First Foundation
A mortgage planner is a mortgage professional that not only arranges a mortgage loan on behalf of his or her clients, but also takes into consideration the client's short- and long-term financial goals. Other things that mortgage planners can assist clients with are credit optimization, real estate portfolio planning and debt reduction.
Here at First Foundation, our Edmonton mortgage planners are Licensed Mortgage Associates, and we don't personally aid our clients with their financial goals. Instead, we refer them to Licensed Financial Advisors, who are better qualified to aid our clients with their money matters (from anything to ...
Beautiful Westend Home For Sale
February 25, 2008 by Gordon McCallum
Once in awhile we like to profile an exceptional property and an exceptional value on our website. One of our own is selling her family’s beautiful home in West End Edmonton and we thought you should know about it.
Have a look at this beauty below and then go www.westedmontonhome.com.
Read more »P.S. If you want to buy this home or another like it and need a mortgage, we can help you with that! Give us a shout!
Canadian Home Values Double in 10 Years
February 21, 2008 by First Foundation
The Canadian housing market has been extremely strong for the past 10 years. More and more people have been buying due to low interest rates, job strength, and an overall strong Canadian economy.
To get an idea of just how strong the Canadian housing market has been, check out this article published by the National Post titled Canadian home prices almost double in record decade.
Read more »Editor's note: If you're interested in learning about doubling your money in FIVE years with a real-estate-backed investment, contact us.
Canadian Housing Market in Good Shape
February 21, 2008 by None
Further to the article posted on February 20 featuring Warren Buffet's outlook for the economy in the United States, here is an article that speaks about the Canadian perspective and how we're not expected to suffer quite as much as our neighbours (or is that neighbors) to the south.
The article states that, according to the Canadian Mortgage and Housing Corporation (CMHC), the Canadian housing market is still strong and won't start to mimic what is going on in the US right now. In fact, in 2007 there were 229,600 new homes constructed...a number which ...
Read more »Warren Buffet and the "Recession"
February 20, 2008 by First Foundation
By now, most people have probably heard about the alleged “recession” that's happening in the United States. This is mostly driven by the media, and if you listen to what the financial gurus have to say, it's not really as bad as it seems. Take Warren Buffet for example, one of the richest men in the world. He believes that the current slow down in the American economy is simply that: a slow down.
You might ask how this all translates to the mortgage world. Essentially, a lot of good, solid clients who would otherwise be looking for ...
Sales Still Strong Despite High Inventory
February 20, 2008 by First Foundation
In January 2008, 1,227 residential sales were made, which almost met the previous record of sales for the month of January, established last year with 1,554 sales. The Realtors association of Edmonton expects that prices of homes will not drop drastically despite the higher number of properties on the market. As of the end of January, 7,352 properties were listed.
The average price for single family dwellings declined slightly by 0.6% to $379,567, condo prices increase marginally by 1.9% to $257,956, and duplex/rowhouses decreased in price by 1.7% to an average ...
Read more »Questions, Questions, Questions
February 20, 2008 by First Foundation
When you come to First Foundation to arrange a mortgage our associates will ask you questions to determine how much mortgage financing you can qualify for and which product would work best for you. Some of the most commonly asked questions are:
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Where are you employed? How long have you worked there?
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What is your total gross family income (before tax)?
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Do you currently own or rent the place where you live?
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What is the monthly amount of rent or mortgage you are now paying?
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What is your net worth (assets minus liabilities)?
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What are your monthly debt expenses (vehicle ...
Mortgage Strategy Seminar
February 18, 2008 by First Foundation
On February 5th, 2008, First Foundation hosted a seminar about mortgage strategies, that touched upon subjects such as how to pay your mortgage off faster, and how to pay less tax.
The seminar was very successful. If you'd like to read more about what the seminar entailed, please read the press release.
Read more »If you attended the seminar and would like to give us some feedback, or if you would like more information about future seminars, please contact us.
Mortgage Fraud Doesn't Pay
February 8, 2008 by First Foundation
You may remember that before Christmas we posted links to some articles about the mortgage fraud schemesters in Edmonton that got caught. If you follow the link below, it'll take you to an article that provides more detail abot the fraud and those involved, as well as the sentence that the "kingpin" of the whole plan received.
Kingpin Fraudster Jailed - Edmonton Journal, February 8th, 2008.
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