September 2009 Rate Specials
This may be the most competitive interest rate environment we’ve ever seen. Not only are the various banks and broker lenders really competing hard for business, but there have been new products created that didn’t even exist before!
This is all great news, of course, for anyone who is buying a home or refinancing. Actually, it’s a great time to be renewing a mortgage as well, because the timing is good, there really won’t be any penalties for shopping around, and the savings are great.
Here are some of the specials that we have right now from our lending partners, and what they can mean to you:
| Term | Rate | September Special |
|---|---|---|
| 1 year | 2.65 | 2.60 |
| 2 year | 2.90 | 2.85 |
| 3 year | 3.39 | 3.34 |
| 4 year | 3.85 | 3.85 |
| 5 year | 4.09 | 3.99 |
| 7 year | 5.45 | 5.40 |
| 10 year | 5.50 | 5.45 |
| Three-Year ARM / Variable | 2.40 | 2.40 |
| Five-Year ARM/ Variable | 2.55 | 2.50 |
Here’s where it gets really interesting:
How about a 42 month fixed rate mortgage?
42 months is exactly 3.5 years. That’s kind of unique…and it’s at a great rate of 3.75%. There’s only one of these on the market and we’ve got it! (Is 1.5 years worth another .3 or .5 rate increase?)
Not sure whether or not to take a fixed rate or a variable rate?
How about both at the same time? When you take a 5 year fixed and combine it with a 5 year adjustable rate, you get the 50/50 mortgage. We call it interest rate diversification. Right now you get the benefits of a low floating rate with the security of a fixed rate. It’s no different than diversifying your investment risk. Why put all your eggs in one basket?
The 50/50 rate is currently 3.42% and is worth asking us about.
The September special is our treat to you! Our best lender rates are in the second column, and we’ve taken a big chunk of our commissions for September and we’re buying down the rates even further. We know you have a lot of choice in the market and we want to make it as easy as possible for you to choose First Foundation for your mortgage needs.
Remember, these rates are a limited time only and they might change if our lenders raise or lower their rates (it happens a lot). These rates apply only mortgages that fund in September, and are only available on approved credit. Lender conditions apply and you have to qualify. We’ll do everything we can to get you these rates but if you live on the moon in a hut and you miss all your payments, we probably can’t help you out. Sorry!
Don’t forget: the banks make more money when you pay more, so they’re not really motivated to get you a better rate on your mortgage. At First Foundation we’re a 100% independent Canadian mortgage brokerage. We don’t get paid based on the interest rate, so we want you to get the best deal possible every time. That’s how we’ve been able to grow as fast as we have.
Interested?
“Fill-out our Mortgage Application today!
Mortgage Rates
| Term | Mortgage Rates |
| 1 Year | 2.60% |
| 2 Year | 3.09% |
| 3 Year | 3.49% |
| 4 Year | 3.89% |
| 5 Year | 3.89% |
| 7 Year | 4.99% |
| 10 Year | 5.35% |
| ARM / Variable | 2.05% |
| Line of Credit | 3.25% |
Last updated July 27, 2010
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