With the average hourly salary above the national average and an unemployment rate lower than in most sectors, Engineering is a profession, along with a handful of others, with which most lenders feel very comfortable. These days there’s no better province than Alberta to be employed in so that goes double for Edmonton and Calgary Engineers.
Based on this profession’s solid reputation, First Foundation is launching a specialized program for Alberta Engineers and Engineering graduates. This exciting new program will provide Engineers in our province with an opportunity to have a Home Equity Line of Credit (HELOC) at the interest rate of PRIME. Similar products offered by other some other brokerages and banks come with the significantly higher rate of Prime + 1%, making this an incredible opportunity to save piles of money in interest. Somewhere in the neighbourhood of $12,000 over a 5 year term, actually – check out the Engineer HELOC Program on our website for the more information.
The HELOC product associated with this rate is extremely versatile – the line itself is revolving so as you pay it down, you can access those funds again, just like with a credit card. This makes it really useful when doing home renovations or an investment program like the Smith Manoeuvre. Like with all HELOC’s, in order to qualify for this product, you must have a 20% down payment if purchasing or at least 20% in equity if refinancing.
As an added perk, the lender is also offering half a percent of the total loan amount as refund to the client. These “cashback” funds can be used for legal fees, appraisal fees and mortgage penalties.
At First Foundation, we strive to bring unique, forward thinking, financially savvy mortgage products to our customers. Contact one of our Mortgage Brokers today to discuss the Engineer HELOC Program and watch for more innovative product offerings from First Foundation in the near future!