CALGARY, Alberta, Oct. 31, 2023 (GLOBE NEWSWIRE) -- True North Mortgage is excited to announce the addition of a 1-year, low-fixed-rate mortgage to their Rate Relief™ product lineup, which initially launched with the lowest 6-month fixed rate around. It comes courtesy of their CMHC-approved in-house lender, THINK Financial.
Building on the success of the 6-month offering, the opportunity to have a full year of lower payments is already grabbing national attention and clients — for good reasons, considering the stress these current higher rates are placing on Canadian household budgets.
Dan Eisner, True North Mortgage Founder and CEO, explains, “Our new clients appreciate the 6-month product as a short-term budget break to handle other expenses, like closing and new-home costs, while the market volatility tries to sort itself out. Adding this 1-year product extends that budget relief, placing clients in an even better position of renewing into lower market rates when the year’s up, assuming rates will drop at some point in 2024.”
The new 1-year Rate Relief mortgage is for those buying a home or who want to switch lenders at renewal to a better rate. There are other conditions, such as for insured or insurable mortgages, amortizations of 25 years or less, and homes below the $1-million price tag (unless the original mortgage default insurance is still valid).
Dan Eisner continues, “We get inquiries wondering what the catch is with these low short-term rates, whether there’s a bona-fide sale clause. There isn’t. Rate Relief mortgages come with the same full-featured option panel as our standard THINK Financial mortgages. And there are no hidden fees. We’re transparent that there is a non-renewal fee, but having said that, a client is welcome to leave at the end of the year or renew with any one of our great, standard mortgage products, including a variable rate.”
Clients who decide on a Rate Relief mortgage may have a small premium added to their best market rate once they renew. Dan says this is to help offset the very deep discount offered with this product. THINK Financial is known for its great rates and flexible mortgages in the first place, including options like portability (conditions apply), twenty percent pre-payment privileges, and free payment-frequency changes to help clients pay off their mortgages faster. Read more about their Rate Relief mortgages here: https://www.truenorthmortgage.ca/mortgage-solutions/rate-relief.
The bottom line? Mortgage rates are at a 22-year high — this product may be a great reprieve, especially when faced with home affordability challenges or having to renew into much higher rates that can add hundreds to monthly mortgage payments.
“If you’re unsure if this short-term product is right for you, it sure doesn’t hurt to ask. Our salaried, unbiased, highly trained brokers are obsessed with finding the best possible rate and mortgage fit to save clients thousands, now and later.”
True North’s personalized, stress-free process is free, with no obligation. They must be doing something right — they have over 14,000 5-star client reviews, the most in the industry by far.
About True North Mortgage:
True North Mortgage is a top mortgage brokerage in Canada. For over 17 years, they’ve provided home buyers and owners a better option to save money, time and stress — with lower rates and the right mortgage fit. An industry innovator, they offer best-in-class mortgage tech, tools and platforms, and their salaried, non-commissioned brokerage model delivers unbeatable service to save clients thousands. Fast pre-approvals and simple mortgage applications are available online, over the phone, via email or chat, or in person at 11 stores across Canada. True North Mortgage was named the Canadian Mortgage Professional Magazine (CMP) Top Brokerage of 2021.
Visit https://www.truenorthmortgage.ca/ for more information.
For further details, please contact:
Dan Eisner, CEO
True North Mortgage
Dan.Eisner@truenorthmortgage.ca
