Mortgage Blog
Mortgage Fraudsters: This Could Happen to You!
December 4, 2007 by Shayla Damery
Recently, a major mortgage fraud scandal has been popping up in the news headlines in Edmonton. The estimated value of the fraud totals about $30 million. If you would like to read about the scheme, please visit the following links:
City Fraud Conviction Breaks Legal Ground
Granny-lookalike Gangster Guilty
With the advances in technology, and the hot housing market, mortgage fraud is unfortunately becoming more and more common. To learn more about mortgage fraud, and how to avoid it, please see the blog entry entitled 11 Ways to Avoid Mortgage Fraud.
First Foundation Residential Mortgages considers ...
Read more »Bank of Canada Lowers Overnight Rate
December 4, 2007 by First Foundation
The Bank of Canada made its most recent interest rate announcement today, December 4th. The Bank of Canada is lowering the overnight rate by 0.25 of a percent, so that the new rate is 4.25% The motivation behind this interest rate decrease is a strong Canadian economy, and CORE and CPI inflation rates that are below rates projected by the Bank of Canada.
This is good news for people with a variable or adjustable rate mortgage. It also drops our lowest rate adjustable (Prime -.7) to 5.3%. Because of this interest rate decrease and low Government of ...
Read more »Edmonton Housing Market Quarterly Report
November 27, 2007 by First Foundation
The Edmonton Real Estate Board (EREB) recently released their third quarter MLS statistics report. This report included information such as the residential property price range, number of properties listed and sold, and average house prices for by type of dwelling. To read the full compilation of EREB data, please open the following document:
Edmonton Real Estate Board Quarterly Stats November
Read more »If you have any questions, please contact First Foundation! If you're interested in obtaining a pre-approval so that you can start house shopping, please complete our online mortgage application or contact us today!
Mortgage Documents Now Available!
November 23, 2007 by Shayla Damery
The mandatory forms that First Foundation requests all our clients to sign are now available on the website! Now, when you fill out an online mortgage application, you can also print off, read and sign the forms so that you can bring them in to us at your first meeting. This will make the process of getting you a mortgage even faster and easier!
To access the documents and print them off, please go to our Mortgage Documents page.
Read more »If you have any questions, please contact First Foundation.
The Benefits of Using a Mortgage Broker
November 19, 2007 by First Foundation
Mortgage brokers are independent professionals who work as liaisons between the borrower and the lender to negotiate mortgage loans. They are specialists who will provide all the information and answers you need to understand the mortgage process.
Finding You the Best Mortgage
All lender terms and conditions are not created equal. Whether you are purchasing a new home, switching your mortgage, or refinancing your existing mortgage, many factors must be taken into consideration. It is your mortgage broker's job to analyze your specific needs and find the mortgage product that best satisfies your budget and goals.
Shopping the Market ...
Read more »New Mortgage FAQs!
November 13, 2007 by First Foundation
First Foundation has good news: we've recently expanded our Frequently Asked Questions section! Now you can find questions on topics from "Why use a mortgage broker?" to "Why do I need an appraisal?". You can check out our FAQ section to read the new additions.
If you think there is a question that we're missing, by all means let us know! You can email any ideas for FAQs by contacting us.
Read more »Interest Rate Outlook
November 8, 2007 by Shayla Damery
For anyone who is curious about where experts expect interest rates to be headed in the next while, the forecast is sunny skies: rates are not expected to rise.
Essentially, the Bank of Canada doesn’t expect that it will need to raise interest rates in the near future because of the strong Canadian dollar, the weak
The possibility that interest rates won’t increase bodes well for those looking to purchase a ...
Read more »CAAMP Releases Mortgage Market Survey/Report
November 8, 2007 by First Foundation
On November 7th, 2007, the Canadian Association of Accredited Mortgage Professionals (CAAMP) released the results of an online survey of 2,000 Canadians that was conducted at the end of September. The survey information was gathered by Maritz and was analyzed in large part by Will Dunning, the Chief Economist for CAAMP.
The general consensus of those Canadians surveyed is that the majority (81%) is happy with their mortgages, due mostly to “good interest rates” and the newly available longer amortization periods. In fact, in the past year, 37% of Canadians that have taken out a new mortgage in ...
Read more »Alberta Leads Housing Starts
November 8, 2007 by Shayla Damery
On November 1, 2007, the Canada Mortgage and Housing Corporation (CMHC) published a press release stating that although housing starts have declined in Alberta, the province still leads Canada's housing starts per capita.
Total housing starts in Alberta are expected to fall slightly in 2008 however Alberta's housing market is still strong and currently favors buyers. There is a good amount of inventory currently on the market so if you're a potential buyer it could be a great time to shop around!
The full press release follows.
Alberta Will Maintain its Lead in Housing Starts Per Capita ...
Read more »Rental Affordability in Canada’s Five Major Centers
November 8, 2007 by First Foundation
The Canadian Mortgage and Housing Corporation released a rental affordability study on October 31, 2007. Unfortunately, the study only includes five of
According to the study,
With rental affordability declining, it ...
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