Mortgage Broker Products and Services
As mortgage brokers we will assist you in selecting the best mortgage product to meet your unique needs and objectives. Here is a list of our most common mortgage products for you to learn more about what type of mortgage might be the right fit for you. Contact Us to discuss your needs or Apply Online today.
Fixed rate mortgages are very popular in Canada – especially the five-year fixed rate. While you may be paying slightly more than you need to over time by choosing a fixed-rate, these products are popular for their “peaceful sleep” characteristics. Think of a fixed rate like you would a GIC – it’s not exciting, but it’s secure. Learn more »
A great alternative to fixed-rate mortgages are adjustable-rate or variable-rate mortgages, which are very similar. Variable and adjustable-rate mortgages typically save people money over time when compared to fixed rates – but they come with a bit of uncertainty and risk because the rates and payments can fluctuate with the Bank of Canada Prime Rate. Learn more »
Home Equity Lines of Credit, or HELOCs, are great tools for homeowners that want to have access to equity in their homes. Common uses of HELOCs include borrowing to renovate, borrowing to consolidate debt, borrowing to invest, or implementing the Smith Manouevre or a Tax Deductible Mortgage Plan. Learn more »
Whether you're building your own home, hiring a builder to build you a place in a new subdivision, or tearing down an old home and building an infill home, First Foundation has construction financing available. We even have options for multi-family construction like apartment buildings and townhomes! Learn more »
First Foundation encourages all of our mortgage customers to consider life and disability coverage that will pay off your mortgage in the event of a death, or make your mortgage payments if you become disabled and unable to work. The Mortgage Protection Plan, underwritten by Manulife, is a great Mortgage Life and Disability policy that offers multiple advantages over lender-based programs. Learn more »
First Foundation offers its clients an opportunity for discounted insurance rates on Home and Auto Insurance. Through a partnership with First Foundation Insurance, an Alberta insurance company, we can provide our mortgage clients with excellent and well priced home and auto insurance services. Learn more »
Mortgage Compare (Canadian) Definitions
- Mortgage amount
- The total dollar amount for this mortgage.
- Interest rate
- The interest rate on this mortgage.
- Mortgage amortization
- The number of years over which you will repay this mortgage. The most common amortization for mortgages are 20 years and 25 years.
- Fees included in the APR calculation. These fees can vary by lender but, at a minimum, usually includes prepaid interest.
- Annual percentage rate (APR)
- A standard calculation used by lenders. It is designed to help borrowers compare different loan options. For example, a loan with a lower stated interest rate may be a bad value if its fees are too high. Likewise, a mortgage with a higher stated rate and very low fees could be an exceptional value. APR calculations incorporate these fees into a single rate. You can then compare mortgages with different fees, rates or terms.
- Payment type
- The payment type determines the frequency of payments. Monthly will have 12 payments per
year, weekly 52, bi-weekly 26 and bi monthly 24.
Accelerated weekly and accelerated bi-weekly payment options are calculated by taking a monthly payment schedule and assuming only four weeks in a month. We calculate an accelerated weekly payment, for example, by taking your normal monthly payment and dividing it by four. Since you pay 52 weekly payments, by the end of a year you have paid the equivalent of one extra monthly payment. This additional amount accelerates your mortgage payoff by going directly against your mortgage's principal. The effect can save you thousands in interest and take years off of your mortgage.
The accelerated bi-weekly payment is calculated by dividing your monthly payment by two. You then make 26 bi-weekly payments. Just like the accelerated weekly payments you are in effect paying an additional monthly payment per year.
- Equivalent monthly payment
- The amount that you are effectively paying each month for this mortgage. For loans with monthly payments, this is simply the monthy payments. For all other payment types, this is the sum of your payments for one year divided by 12.
- Mortgage payment
- Periodic principal and interest payment using semi-annual compounding.