30 Jan

First Time Buyers Bonus ends March 31st 2013

General

Posted by: Angela Calla

The Provincial Government First-Time New Home Buyers’ Bonus Expires on March 31, 2013.

If you are currently in the market for a brand new home and qualify as a first-time new home buyer, you may be eligible to receive a significant bonus of up to $10,000 from the BC government.  The First-Time New Home Buyers’ Bonus is a non-taxable  one-time payment to the purchaser and we’ve seen many happy homeowners benefit from this limited time government offer. With interest rates at historic lows, and a great selection of brand new homes on the market, this truly is a great opportunity to own your first home.

To access more information about the First-Time New Home Buyers’ Bonus, go to: http://www.sbr.gov.bc.ca/documents_library/notices/FTHB_Bonus.pdf

For your pre approval and to review your options contact

Angela Calla Mortgage Team at 604-802-3983 acalla@dominionlending.ca www.angelacalla.ca

Tune into The Mortgage Show Saturdays at 7pm on CKNW AM980

17 Jan

Deal of the week in #tricities #coachhomes @angelacalla @willingtwo @cknw

General

Posted by: Angela Calla

As heard on The Mortgage Show on CKNW with Angela Calla. To get pre approved for this property or any other purchase email us at callateam@dominionlending.ca or call 604-802-3983

This weeks deal of the week has been brought to you by:

Robert Boies Royal LePage Coronation West cell: 604 341 3009 t: willingtwo E-mail: robboies@royallepage.ca www.willingsellerwillingbuyer.com

http://rboies.mlslink.mlxchange.com/?r=1649939610&id=363434333136.312

Here is the Rob interview for the week.

Rob_B_-_January_19.mp3

Please note that properties like this move quickly and getting set up with Rob Boies directly robboies@royallepage.ca will keep you abreast of all of these types of opportunities meeting your specifications

Thanks for visiting

Angela Calla, AMP

11 Jan

Banks are confident in our real estate market

General

Posted by: Angela Calla

 TD Canada Trust’s Ed Clark says Canada isn’t heading for a US-style housing bust.

 

TD has just come off one of its most profitable years ever. Its shares have nearly regained the ground they lost in the financial crisis and the country’s second-biggest bank is riding high on the Canadian consumer’s apparently insatiable appetite for debt.

 

But how much longer can it go on? TD Chief Executive Ed Clark recently sat down with the Financial Post to talk about the shaky state of household finances, the frothy housing market and what it all means for the banking sector.

 

Click here to see the full Financial Post interview.

 

Questions on buying a home?

Contact us today

Angela Calla

Dominion Lending Centres

604-802-3983 acalla@dominionlending.ca

11 Jan

5 quick tips to boost your credit score

General

Posted by: Angela Calla

In today’s economic climate of tighter credit requirements, there’s no doubt that many people may not fit into the traditional banks’ financing boxes as easily as they may have just a few years ago.

Your best solution is to consult your mortgage professional or lender to determine whether your situation can be quickly repaired or if you face a longer road to credit recovery. Either way, there are solutions to every problem.

Mortgage professionals who are experts in the credit repair niche can help credit challenged clients improve their situations via a number of routes. And if the situation is beyond the expertise of a mortgage professional, they can help you get in touch with other professionals, including credit counsellors and bankruptcy trustees.

Following are five steps you can use to help attain a speedy credit score boost:

1) Pay down credit cards. The number one way to increase your credit score is to pay down your credit cards. Revolving credit like credit cards seems to have a more significant impact on credit scores than car loans, lines of credit, and so on.

2) Limit the use of credit cards. Racking up a large amount and then paying it off in monthly instalments can hurt your credit score. If there is a balance at the end of the month, this affects

 

 

your score – credit formulas don’t take into account the fact that you may have paid the balance off the next month.

3) Check credit limits. If your lender is slower at reporting monthly transactions, this can have a significant impact on how other lenders may view your file. Ensure everything’s up to date as old bills that have been paid can come back to haunt you.

Some financial institutions don’t even report your maximum limits. As such, the credit bureau is left to only use the balance that’s on hand. The problem is, if you consistently charge the same amount each month – say $1,000 to $1,500 – it may appear to the credit-scoring agencies that you’re regularly maxing out your cards.

The best bet is to pay your balances down or off before your statement periods close.

4) Keep old cards. Older credit is better credit. If you stop using older credit cards, the issuers may stop updating your accounts. As such, the cards can lose their weight in the credit formula and, therefore, may not be as valuable – even though you have had the cards for a long time. You should use these cards periodically and then pay them off.

5) Don’t let mistakes build up. You should always dispute any mistakes or situations that may harm your score. If, for instance, a cell phone bill is incorrect and the company will not amend it, you can dispute this by making the credit bureau aware of the situation.

Questions on credit and your mortgage options? Contact us today

Angela Calla

Dominion Lending Centres

acalla@dominionlending.ca

604-802-3983

11 Jan

Collateral vs Standard Mortgage Charge

General

Posted by: Angela Calla

Since an increasing number of lenders are moving towards collateral charge mortgages these days, it has never been more important to understand the differences between a collateral and standard charge mortgage.

The primary difference is that a collateral charge mortgage registers the mortgage for more money than you require at closing. For instance, up to 125% of the value of the home at closing with TD Canada Trust or 100% through ING Direct and many credit unions, instead of the amount you need to close your transaction (as is the case with a standard charge mortgage).

The major downside to a collateral mortgage becomes evident at your mortgage renewal date. For borrowers who want to keep their options open at maturity and have negotiating power with their lender, this isn’t the best product feature because collateral charge mortgages are difficult to transfer from one lender to another.

In other words, if you want to change lenders in order to seek a better product or rate in the future, you have to start from the beginning and pay new legal fees, which range from $500 to $1,000.

 

With a standard charge mortgage, in most cases, the new lender will cover the charges under a “straight switch” in order to earn your business.

In addition, with a collateral charge, it could be difficult to obtain a second mortgage or a home equity line of credit (HELOC) unless your home significantly appreciates in value.

Lenders offering collateral charge mortgages promote the benefit that it makes it easier and more cost effective to tap into your equity for such things as debt consolidation, renovations or property investment. There’s no need to visit a lawyer and pay legal fees – the money is available as your mortgage is paid down. Yet, if you read the fine print, you may still have to re-qualify at renewal.

A standard charge mortgage gives you the ability to move to another lender at renewal should you want to without incurring legal fees, and many borrowers find it more beneficial to keep their options open. If you need to borrow more with a standard charge mortgage, you have the option of a second mortgage or a HELOC, which also enables you to take money out as your mortgage is paid down.

As always, if you have any questions about buying or selling a home, your answers are just a phone call or email away!

Angela Calla

Dominion Lending Centres

604-802-3983

acalla@dominionlending.ca

11 Jan

Home Buyers Plan- Using your RRSP’s

General

Posted by: Angela Calla

DID YOU KNOW…

The Home Buyers’ Plan (HBP) is a program for first-time homebuyers that allows you to withdraw funds from your RRSPs to buy or build a home. You can withdraw up to $25,000 tax-free ($50,000 for a couple). Your RRSP contributions must remain in the RRSP for at least 90 days before you can withdraw them under the HBP. Generally, you have to repay all withdrawals to your RRSPs within a period of no more than 15 years. You’ll have to repay an amount to your RRSPs each year until your HBP balance is zero. If you don’t repay the amount due for a year, it will have to be included in your income for that year. Click here for more information from Canada Revenue Agency.

Looking to buy your first home, contact us today!

Angela Calla, AMP

Dominion Lending Centres

acalla@dominionlending.ca

604-802-3983

11 Jan

My Top 4 Predicitions for 2013 Mortgage Market

General

Posted by: Angela Calla

 

2013 will be full of great opportunities!

Following are our Top 4 Predictions for this year:

1) Borrowers becoming more savvy and focusing on a mortgage strategy

With all the flash and dash of online mortgage comparison tools, smart borrowers know they need a customized long-term mortgage plan put in place by an independent mortgage professional. This is a fundamental cornerstone of your financial freedom – it’s not like comparing an electronic device or buying clothes where you can exchange an item within 14 days.

 

2) Return of the variable-rate discount

We saw this flirted with for “qualified” borrowers towards the final quarter of 2012. It’s not likely we’ll see the prime minus 90 days any time soon, but perhaps we’ll see a better parallel where, with the proper strategy in place, variable will again be a viable option for more borrowers.

 

3) Investors will earn higher rents

As mortgage rules have changed, first-time buyers may be waiting longer than needed to get into the market. The self-employed borrowers may be uncertain with their businesses and be holding onto cash longer than needed. And, finally, investors who aren’t sitting on lots of cash may be playing a game of chicken with lenders to see if their policies can relax a little. For more options, they also may access their equity to improve current rental purchase in the US.

 

4) More lenders in the marketplace

We have seen more lenders enter our marketplace recently in both the qualified and subprime marketplaces – helpful for the self-employed, those with bruised credit or even investors who need more options. These lenders are available through our office, and we ensure that the selection you are making is the one that will result in positioning you best for 2013!

 

Angela Calla, AMP

Dominion Lending Centres-Angela Calla Mortgage Team

Phone: 604-802-3983 Fax: 604-939-8795

www.angelacalla.ca

Host of The Mortgage Show on AM980 CKNW Saturdays 7pm