Edmonton Mortgage Business Announces Deeply Discounted “Essentials” Mortgage

PRLog (Press Release) – May 15, 2008 – “This new low interest rate mortgage offering provides significant savings for the average Canadian home-buyer and current home-owners,” said the Edmonton mortgage business  CEO Gordon McCallum.  “While most people indicate an interest in pre-payment privileges, the reality is that only 33% of people ever use them.  Those features can add a substantial cost to the mortgage lender, so by removing them from our “Essentials” product, we're able to offer a deep discount to two-thirds of the mortgage shoppers out there.”

The product is not without some of the usual benefits, however.  Home-owners can still choose shorter amortization periods, make weekly or bi-weekly accelerated payments, and increase their minimum payments by 10% each year – all of which can result in significant savings and shorter amortization periods.

An analysis of a typical $225,000 mortgage, amortized over 25 years, revealed that, at a minimum, a customer would save $2,167.01 over the course of five years by choosing the “Essentials” Mortgage over a higher-priced five year fixed rate.  

“We're proud to be able to continually offer new and exciting mortgage services and solutions for Canadians, and we're fortunate to have fantastic lending partners so we can make this happen,” said McCallum.

For further information contact:
Gordon McCallum, B.Comm, AMP
President & CEO
First Foundation Inc.
780-702-7678 ext. 303