29 May

4 Senerios Where Longer Is Better On A Mortgage

General

Posted by: Angela Calla

Consider this recent statement by a bank spokesperson: “Choosing a shorter amortization is the most responsible approach to home financing. It’s something we have been encouraging our customers to consider for years, as it means becoming debt-free sooner.”
 
How wise is that advice? Do longer mortgage repayment periods truly cost you more, all things considered?
 
In some cases the answer is unequivocally no. Longer amortizations, which spread your payments over 30 or 35 years instead of the traditional 25, can cost you significantly more in mortgage interest.
 
Click here to consider four scenarios where “longer” is actually better courtesy of the Globe and Mail.

The Angela Calla Mortgage Team is always here to help yoiu personally with the best mortgage plan for your long term goals. Contact us directly to help you 604-802-3983 callateam@dominionlending.ca

20 May

Vancouver Real Estate from a New Yorkers Prospective

General

Posted by: Angela Calla

Being a lifetime BC resident, I love everything #Vancouver has to offer. From a New Yorker’s perspective I found this article to be interesting!

Vancouver isn’t an obvious superstar. It’s not home to a major industry—as New York and London are to finance, or San Francisco to tech—and it doesn’t have the cultural cachet of Paris or Milan. Instead, Vancouver’s appeal consists of comfort and security, making it what Andy Yan calls a “hedge city.” “What hedge cities offer is social and political stability, and, in the case of Vancouver, it also offers long-term protection against climate change,” he said. “There are now rich people around the world who are looking for places where they can park some of their cash and feel safe about it.”

http://www.newyorker.com/talk/financial/2014/05/26/140526ta_talk_surowiecki?utm_source=tny

For the best mortgage options contact The Angela Calla Mortgage Team 604-802-3983 callateam@dominionlending.ca

15 May

What to know about the 1.99% interest rate

General

Posted by: Angela Calla

Following the recent news buzz about ultralow interest rates, below is a clip from my appearance on Global TV this morning.

The main point covered in the approximately five-minute video clip (which can be viewed here:  http://youtu.be/GdBwFa-a184 ) is how low rates often come with HEAVY restrictions that don’t suit most borrowers, including:

  1. 3 times the penalty to get out of the mortgage, which can ONLY be done upon sale of the property, eating into your equity.
  2. If you need to lock in, it will cost you 0.5% more than what the average lender is currently offering.
  3. This is a Collateral Charge Mortgage, which means you will pay additional fees to switch lenders even after you complete your mortgage term. With this product, the lender essentially owns your equity by not giving you the ability to get secured lending for an equity line of credit for renovation, as an example.

 

As your trusted mortgage professional, my team ensures that you are matched with the mortgage that will result in the lowest cost of homeownership to protect you from making a costly mistake by not clearly understanding the terms.

 

We are always here to help ensure you – and those you care most about – have a clear understanding of what mortgage will save you the most amount of money. Please call or email us with any questions: 604-802-3983; callateam@dominionlending.ca.

 

Angela Calla, AMP

Dominion Lending Centres-Angela Calla Mortgage Team

Host of The Mortgage Show Saturdays at 7pm on CKNW AM980

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

“An introduction to someone you care about is a big responsibility…it’s also the biggest compliment a client can give us & it’s not taken lightly. We pledge to treat everyone that is referred to us with the utmost respect & professionalism”.

www.angelacalla.ca

Reach my Team Chris Adkins & Johnny Hsu at 604-939-8777 & callateam@dominionlending.ca

12 May

Do you understand the exit fee’s in your mortgage?

General

Posted by: Angela Calla

Another woeful tale about big bank mtg penalties  Borrower beware. Understand the penalty clauses in your mortgage contract

You can get a low mortgage rate by signing up for a five-year term. But you could be penalized for an early exit if your plans change.

http://t.co/EpZEstx4ev

The Angela Calla Mortgage Team looks to place your mortgage with the major banks only of you do not qualify for a lender that has lower exit fee’s. Morgtages are about the interest paid, not the interest rate.

Contact The Angela Calla Mortgage Team 604-802-3983 or callateam@dominionlending.ca to get the best mortgage option for you

8 May

Do you know your credit score? 4 Important Tips

General

Posted by: Angela Calla

Your credit score is a number   that illustrates your financial health at a specific point in time. It’s also   an indicator of how consistently you pay off your bills and debts.

Your credit score is one of the factors lenders consider when   qualifying you for a mortgage. A good credit score, for example, can help   improve your chances of being approved.

To find out your credit score, contact Canada’s two   credit-reporting agencies: Equifax Canada and TransUnion Canada.   These agencies can provide you with an online copy of your credit score as   well as a credit report – a detailed summary of your credit history,   employment history and personal financial information.

If you find any errors in your report, notify the   credit-reporting agency and the organization responsible for the inaccuracy   immediately.

 

 

Tips for improving your score
 
There are several ways to improve your credit score,   including:

      

  • Always pay your bills in full and on time
  •   

  • Pay off your debts as quickly as possible
  •   

  • Never go over the limit on your credit cards
  •   

  • Try to reduce the number of credit card or loan        applications you make

Ensuring your credit score is in good shape better enables   negotiations with lenders to obtain the best mortgage possible to meet your   unique needs.

To find out more about credit scores and reports, you can also   visit the Financial Consumer Agency   of Canada website and download or request a free copy of   their guide, Understanding Your Credit   Report and Credit Score.

This guide provides practical,   straightforward information on how to obtain and understand your credit   report and score, as well as how to build and maintain a good credit history.

Using The Angela Calla Mortgage Team protects your credit score as we shop all the suitable lenders with only one application keeping your score maximized & saving your money.

 Contact us today at 604-802-3983 or callateam@dominionelnding.ca

8 May

Top 3 Homebuying Tips

General

Posted by: Angela Calla

If you’re thinking of buying   your first home or upgrading to a new one, the inventory of homes on the   market come Spring is definitely plentiful – providing for a great selection   of homes to serve your unique needs.

Still, there are also generally more people out looking at   homes in the Spring as well. And while some homebuyers feel anxious about   securing their dream home as soon as possible, it’s important to take the   time to be patient and make sure the home is a good fit for you and your   family.

After all, home-buying is likely the largest investment you’ll   ever make, and doing your due diligence when determining which house to buy   ensures that fewer surprises arise after your moving day.

Following are three top considerations to keep in mind when   looking for your new home this Spring:

  1.   Get preapproved for a mortgage. Not only will this step help you compete   against other buyers who have not been preapproved, but it will also ensure   you only look at home’s within your price range – saving you the trouble of   falling in love with a home you can’t afford. Your mortgage broker or lender   will be able to get you preapproved before you start browsing homes.
  2.   Think about what you need. Jotting down specifics regarding what you   “need” in a home – as opposed to what you “want” –

 

will help determine the types of homes you   should be viewing. It’s rarely possible, however, to find a perfect home for   your needs, tastes and budget. While it’s important to weigh your priorities   before you start your home search, it’s equally important to be flexible and   willing to change your mind once you see what your true options are – viewing   properties can shift your priorities. And remember that if you can only find   places that require too many compromises, it’s okay to keep looking – new   homes come on the market daily!

  1.   Look past the staging. Many sellers enlist staging professionals to help sell their   homes faster and at a higher price. While this often makes listings more   visually appealing to buyers, some major flaws may be covered up through   staging. And while minor cosmetic issues can often be overcome with a simple   fix such as a coat of paint, larger, more costly issues can arise with a home   if you don’t notice poor conditions before you buy. Some things to look for   include: leaks around plumbing fixtures and ceilings (thanks to upper floor   bathrooms); stains on walls or ceilings; evidence of mould; poor workmanship   on flooring, moulding, windows and doors; or aging and worn seals around   windows and doors.

As always, if you have any questions or concerns about buying   or selling a home, or you’d like some useful tips, information and answers to   your questions are just a phone call or email away!

The Angela Calla Mortgage Team

604-802-3983

callateam@dominionlending.ca

8 May

2 Private Mortgage Insurers Provide More Options For Borrowers

General

Posted by: Angela Calla

One of the significant advantages of using The Angela Calla Mortgage Team is we place your mortgage with the best lender & insurer upfron tto suit your needs.

The private insurers have been wonderful in providing options and more cost effective solutions for borrowers.

This period in time is no exception, below has the details of Genworth & CG’s letter to the lenders in response to CHMC’s changes effective May 30th 2014.

http://www.theglobeandmail.com/report-on-business/economy/housing/mortgage-insurer-genworth-opts-not-to-match-cmhcs-cuts/article18402954/

Contact The Angela Calla Mortgage Team directly at 604-802-3983 or callateam@dominionlending.ca to help you with the best mortgage options to result in the lowest cost of home ownership.

 

5 May

Seperating from your spouse? Know your options

General

Posted by: Angela Calla

Since most couples have a   joint mortgage – one where both names are on the mortgage and title of the   home – when separation or divorce proceedings get underway, many wonder what   will happen with the home.

When the marriage comes to an end, there are two obvious   options concerning the home: 1) sell the property and split the proceeds   according to your agreement and go your separate ways; or 2) one person buys   the other party out of the mortgage and the title of the property.

The first option is a straight-forward transaction where you   put the house up for sale, sell and split the proceeds. The second option,   however, is slightly more complicated.

The decision between the options is a personal one borne out   of the specific circumstances of the parties involved. Perhaps there are   young kids involved that need to stay in the house, the market is down and   there will be a loss on the property that neither party can afford, one party   can afford to buy the other party out, etc.

Once the decision is made, how do you go about buying the   other person out of a mortgage?  Well, essentially, you’re refinancing   your mortgage using a single income (the person who’s buying the other party   out of the house) and qualification, versus the original purchase, which was   based on joint income and qualification.

If you’re the one buying your partner out, the first step is   to ensure that you can afford the mortgage payments.

 

This is imperative because the lender will ask for proof that   you’re capable of covering the mortgage in order for you to apply on your   own. In addition to covering the mortgage amount, you’ll have to come up with   whatever dollar amount you have agreed on to buy the other partner out. This   may come out of the equity in your home if it’s sufficient.

In essence, if you can afford the mortgage on your own, the   most common means of buying out your partner post-separation and transferring   title out of the joint name and into your name, is to refinance. I can help   you through each step of this process. And although the maximum refinance on   a home is 80% of the appraised value, given the unique circumstances   surrounding separation, you can often refinance up to 95% of your home’s   value.

If you’re not in a financial position to buy your ex-partner   out of the house, and you agree to both stay on title and have payment   arrangements, there’s one warning to be taken very seriously – just because   one person is responsible for the payments (even with a court order), if the   mortgage goes into default, both parties on the mortgage will be affected.

The most important piece of advice when dealing with a   mortgage during a separation is to become informed. Know your options, talk   to professionals about your options, and make an informed decision regarding   your home and mortgage.

As always, if you have any questions about the information   above or your mortgage in general, I’m here to help!

Angela Calla 604-802-3983

callateam@dominionlending.ca

5 May

Housing hot spots- is your community on the list? 1st timers here’s where to buy

General

Posted by: Angela Calla

Wondering where B.C.’s housing hot spots will be over the next few years?

As Surrey residents, the Rajkowskis are living in what experts say is the Lower Mainland’s hottest real-estate market.

Communities such as Clayton Heights, Cloverdale and Fleetwood are hot and expected to stay hot in the near future as buyers seek affordable housing near family-friendly services.

Other areas expected to see brisk demand from buyers over the next few years are Burnaby’s Brentwood, the Tri-Cities and Fraser Valley communities of Langley, Maple Ridge, Pitt Meadows and Abbotsford.

In Vancouver, urbanites who prize city living are pushing up demand in the Main Street, Outer Hastings and East Vancouver’s Cedar Cottage neighbourhoods, says Tsur Somerville, director of the University of B.C.’s Centre for Urban Economics and Real Estate.

For the Full Vancouver Sun Article http://www.theprovince.com/business/Hottest+spots+homebuyers+Surrey+Abbotsford+Evergreen+Line+communities+high+demand/9802218/story.html

For the best money saving mortgage contact The Angela Calla Mortgage Team today 604-802-3983 callateam@dominionlending.ca

1 May

The deadly costs of exit fee’s if you choose the wrong mortgage

General

Posted by: Angela Calla

Here is a great video that explains not all lenders although there policy seems simular is the same when it comes to calculating the penalty.

http://www.theglobeandmail.com/report-on-business/video/dont-get-stuck-in-the-mortgage-penalty-box/article18074696/#dashboard/follows/

The Angela Calla Mortgage Team looks to place your mortgage first provided you qualify with a lender whom does not use posted rates as their gauge. This will save you thousands of dollars long term and reduce your cost of borrowing.

Contact us today to help you with your mortgage and to avoid this costly mistake 604-802-3983 callateam@dominionlending.ca