Increasing competition in the Canadian Mortgage Market has again resulted in an opportunity for Canadian home buyers to save money. Just recently, First National Financial (*one of First Foundation’s favourite lenders) announced that they will offer a self-insured mortgage through its broker network.
What does that mean to the typical home buyer? Well, on a typical mortgage of about $250,000, it could save…
...you over a thousand dollars!
This product is ideal for home buyers who have a 5% down payment. Rather than paying a 2.75% insurance premium to CMHC or Genworth Financial, you now only need to pay 2.25% directly to First National. This could be a sign of things to come, as more lenders look to differentiate themselves on the increasingly competitive mortgage scene in Canada.
It just so happens that First Foundation has an excellent relationship with First National because of innovative products like this one, and the great service we’ve come to expect.
For more information on the First National Self Insured 5% Down Mortgage, click here.
Apply Now for a First National Self Insured Mortgage.