Rates Are Relative

Have you ever noticed that, when buying or selling a principal residence, you really can’t lose, as long as you have something to sell around the same time you have something to buy and you’re in the same market? Whether the market is up or the market is down, as long as you’re buying and selling you should be ok, either way.

The same is true for interest rates. Whether rates are up or rates are down, at the time that you finance your home, a discount on interest rates vs. what a bank or credit union might offer you has just as much value (sometimes more!) than any other market or time of year.

That’s a long way of saying, “Check this out!” There are still bargains out there, even though rates have gone up since the Bank of Canada’s surprise announcement last week. If you would like to know more about qualifying for a deep discount promotional rate, please contact us!

(I did have a fancy table planned but I can’t seem to get it format right…)

All terms are 5-year fixed rate mortgages:

$100-$249k: 5.39%

$250-499k: 5.29%

$500-$999k: 5.09%

$1million +: 4.99%

I guess the good news is, if you need a larger mortgage, you save even more! (Relatively speaking, of course)

In order to qualify for a Deep Discount promotional rate, you must apply for a mortgage through First Foundation between July 5 and August 31, 2008. Some restrictions apply, and this offer is only available through one of our lenders, so we cannot guarantee that you’ll qualify with them. As an independent mortgage brokerage, First Foundation will do its best to facilitate a mortgage transaction between you and the lender of your choice. There may be better offers at any given time, and lenders reserve the right to qualify borrowers on a variety of criteria. Some of these rates don’t apply to rental properties or for people who can’t verify their income (i.e. self-employed)

Please contact a First Foundation mortgage specialist or fill out our convenient online mortgage application for more specifics related to your particular needs.