OWN - First Foundation Mortgage Team
How to Check Your Credit Rating – And Why Everyone Should
Overview Most Canadians have a credit report, but few regularly check theirs. Monitoring your credit rating helps you spot errors, detect fraud, and understand why you may be denied credit. Here's how to check your report and score, and why it's a ...
Re-Establishing Your Credit – 3 Simple Steps to Getting Back on Track
Overview Rebuilding your credit after financial setbacks is entirely possible—and essential if you're planning to apply for a mortgage. With time, discipline, and the right strategy, you can restore your credit profile and regain financial ...
The 5 Cs of Credit
When applying for a mortgage, lenders assess your creditworthiness using the 5 Cs of Credit. Understanding these criteria can help you better prepare for the mortgage approval process. Here’s what each of the 5 Cs means and why they matter. 1. ...
The Benefits of Using a Mortgage Broker
Mortgage brokers are independent professionals who work as intermediaries between borrowers and lenders. They offer valuable guidance and access to a wide range of mortgage products, ensuring you get the best deal. Here are the key benefits of using ...
What to Expect at Closing – Purchase
When purchasing a home, closing involves several legal steps and costs. Here’s what to expect when meeting with your lawyer to finalize the transaction. 1. Down Payment You must provide the balance of your down payment to your lawyer 10-14 days ...
What to Expect at Closing – Refinance
Refinancing your mortgage involves closing costs and legal steps similar to purchasing a new property. Here’s what to expect when meeting with your lawyer to finalize your mortgage refinance. 1. Interest Adjustment Date (IAD) The date from which ...
What to Expect at Closing – Renewal
Overview When renewing your mortgage, you’ll need to meet with your lawyer to finalize the transaction. This typically happens about two weeks before your scheduled closing date. Here’s what to expect and prepare for: 1. Interest Adjustment Date ...
What NOT to Do Before Your Mortgage Closes
Your mortgage approval is in place, but until the deal is officially closed, your financial situation must remain stable. Making certain changes before closing can put your mortgage at risk. Avoid the following actions to ensure a smooth closing ...
Understanding Mortgage Rates: Prime Rate, Bank Rate, and Fixed Rate Explained
Overview When choosing a mortgage, understanding the key rates—prime rate, bank rate, and fixed rate—can make a big difference. Each of these rates impacts mortgage payments differently. Here’s a quick guide to help you understand how each rate ...
Alberta Land Titles Fee Increase (October 2024)
Effective Date: October 20, 2024 What's Changing?: Land Title Transfers: Variable fee increases from $2 to $5 per $5,000 of property value. Mortgage Registrations: Variable fee rises from $1.50 to $5 per $5,000 of mortgage value. Flat Fee: The $50 ...
Identification Requirements for Your Mortgage Application
To complete your mortgage application, we require valid identification in compliance with federal, provincial, or territorial regulations. Please provide one of the following combinations of identification: One piece from List A AND One piece from ...
OSFI Removes Stress Test for Uninsured Mortgage Renewals
Overview: Effective November 21, 2024, the Office of the Superintendent of Financial Institutions (OSFI) will remove the stress test requirement for homeowners with uninsured mortgages when switching lenders at renewal. This change will provide more ...
New Canadian Mortgage Rules 2024
The Canadian government has introduced new mortgage rules that take effect in December 2024, aimed at making homeownership more accessible. Key Changes: Higher Insured Mortgage Cap: The cap for insured mortgages increases from $1 million to $1.5 ...
First Foundation Mortgage Rates
What are First Foundation's Mortgage Rates? First Foundation is a mortgage brokerage in Western Canada, headquartered in Edmonton, Alberta, that represents many different Canadian Mortgage Lenders You can find First Foundation mortgage interest rates ...
How to Apply for a Mortgage With First Foundation
Apply for a mortgage with First Foundation! It's easy! You can visit Alberta Mortgage Brokers to learn more about First Foundation's mortgage offerings, and you can click here to apply for a mortgage. Here are some other key mortgage links: Mortgage ...
Alternative Lending: An Overview
Alternative lending refers to mortgage solutions outside of traditional banks or lending institutions. It offers flexible mortgage options for people who may not meet the strict criteria of conventional lenders. This type of lending is ideal for ...
Do you sell reverse mortgages?
Yes! First Foundation has a number of reverse mortgage products available for Canadians. For more information, visit Reverse Mortgages Canada. Reverse mortgages can be an effective way for seniors to stay in their home without having to move or make ...
Frequently Asked Questions About Mortgage Products
Fixed-Rate vs. Variable-Rate Mortgages Q: What is the difference between a fixed-rate and variable-rate mortgage? A: A fixed-rate mortgage has a fixed interest rate for a specific term, while a variable-rate mortgage's interest rate fluctuates based ...
Understanding Mortgage Rate Changes
Mortgage rates fluctuate based on various economic factors. Here's a breakdown of key drivers: What Influences Mortgage Rates? Central Bank Policy: The Bank of Canada's monetary policy significantly impacts mortgage rates. Interest rate hikes ...
First Foundation Mortgage Offerings
First Foundation offers a variety of mortgage products to cater to different borrower needs. Types of Mortgages: Fixed-rate mortgages: Provides stability with a set interest rate for a specific term. Variable-rate mortgages: Offers flexibility with ...
Mortgage Brokers vs. Banks: Key Differences
What's the Difference? 1. Wider Range of Options Multiple lenders: Brokers have access to a broader range of lenders, allowing them to compare interest rates, terms, and conditions from various financial institutions. Diverse products: They can offer ...
What is a Mortgage?
A mortgage is a loan used to purchase a home. In Canada, the property you buy serves as collateral for the loan. This means the lender has the right to take possession of the property if you fail to repay the loan as agreed. Key points about Canadian ...
Borrowed Down Payment
Can home buyers borrow money for their down payment? Yes! In some circumstances, home buyers can use borrowed funds for the purpose of a down payment. Qualification rules apply, not all lenders offer this product, and it often only applies to ...