Are you an Alberta engineer or a graduate of an engineering program?
One of our lenders has launched a specialized program, just for Alberta engineers, that offers an incredibly low interest rate opportunity.
For a limited time, First Foundation Residential Mortgages is pleased to be able to offer a Home Equity Line of Credit (HELOC) at an interest rate of Prime, compared to Prime + 1.00% on similar products, making this a very advantageous opportunity for engineers or recent engineering graduates.
Find Out If You Qualify »
As an added perk, the lender is also offering up to half a percent (0.5%) of the total loan amount as refund to the client to cover closing costs. These cashback funds can be used to pay for legal fees, appraisal fees and mortgage penalties.
The difference in savings can be huge so there’s no reason you shouldn’t take advantage of this opportunity. For example, Prime is currently at 2.75%, which is the interest rate you will pay if you qualify for this special program. Based on a $250,000 loan with interest only payments, assuming Prime stays constant, you would pay $518.14 a month in interest only payments. On the other hand, if you choose a first place HELOC offered by most other lenders and mortgage brokers, you’re current interest rate will be closer to 3.50% and your monthly, interest only payment would be $723.91 over five years on the same $250,000 loan. That’s a difference of $205.77 in interest a month and an overall savings of $12,346 over a 5 year term!
This Home Equity Line of Credit is a very useful and versatile product. It can be paid down or paid off at any time, without penalty. As well, it is considered revolving credit which means that as you pay it down, the funds become available to you as equity, making it a great tool for investing and home renovations.
TO BE ELIGIBLE FOR THIS OFFER:
- Applicants must be able to provide proof that they are an Engineer and must have a permanent contract with an employer (cannot currently be in the probationary period)
- Limited time offer – subject to lender product availability
- Applicants must be a Canadian citizen or permanent resident
- All applicants will be required to apply for a specialty MasterCard in order to receive this amazing rate (can be canceled anytime after funding)
- Other lender conditions may apply. Subject to qualification, on approved credit, E&OE
First Foundation Residential Mortgages is proud to be able to present this valuable offer to Alberta’s engineers and engineering graduates!
Contact one of our Licensed Mortgage Brokers to see if you qualify for this amazing, limited-time offer!