24 Feb

happy angela calla mortgage team clients at the home show

General

Posted by: Angela Calla

@jbinvan: Another perk of a great mortgage broker! Thank for the free tix to @VanHomeShows So many ideas & great products 😊 @AngelaCalla #callateam

 

@deefontein: Had a wonderful time with my dad at @VanHomeShows thanks to the generous people with The Angela Calla Mortgage Team! @AngelaCalla #teamcalla

24 Feb

testimonial from facebook

General

Posted by: Angela Calla

I wouldn’t hesitate to recommend the Angela Calla team to fellow first-time buyers. Plus, it doesn’t hurt that they were able to get me a decent rate as well. It’s not all about the rate; there are a number of other factors that make a good mortgage.

Throughout the process of setting up my first-ever mortgage, my experience with this team has been illuminating and reassuring at the same time. They were a patient guide in showing me the basics of the deal – things you wouldn’t know until you go through the process.  

Practical advice straddled the line between a broker and a fellow property owner, offering suggestions that are best practices which will save you hassle and money in the long run. From the get-go, I felt secure in trusting their advice as a beginner and I’m glad I found a broker team who prides itself in building a working relationship with its clients. After all, these guys have a reputation to uphold with Angela putting herself out there on radio and TV segments educating the public on the world of mortgages. I believe her team’s MO reflects that. Also, John was chiefly responsible for the admin on this deal. He is quick, responsive and communicative – all things which agents from my bank failed on.

 

Thanks again, guys.

Ben Ngai

 

Farrukh Jahan wrote:

We got our mortgage with Angela Calla mortgage team 5 years ago, no doubt they are competent, relaible and work hard to get us the best mortgage, thank you so very much.

 

Dana R Perrault wrote:

 Thanks to The Angela Calla Mortgage Team for the tickets to the Home Show! We always love to go and check out the new and trending home items! We couldn’t be happier going into our 3rd year as first-time home owners, and having your wonderful team behind us every step of the way has made it that much more enjoyable. Thanks again #callateam you rock!! 🙌❤

23 Feb

Credit Cards-more fee’s to come

General

Posted by: Angela Calla

Think a 21% interest rate sounds high. Try 24.99%.

http://business.financialpost.com/2015/02/20/why-slipping-on-your-credit-card-payments-is-about-to-cost-you-big-or-bigger-bucks/

Credit card holders who miss two minimum payments will now get dinged with a higher interest rate on their next bill as Canadian banks begin to crack down on customers in arrears.

Questions on positioning your mortgage application to get the best mortgage or consolidating your outside debts into your exisiting mortgage?

Contact The Angela Calla Mortgage Team personally at 604-802-3983 callateam@dominionlending.ca

 

23 Feb

Proud to announce a new member of our team!

General

Posted by: Angela Calla

Canada’s largest private mortgage and lending institution Dominion Lending Centres (DLC) has announced that celebrated economist Dr. Sherry Cooper has taken the position of Chief Economist effective immediately. 

Prior to joining DLC, Dr. Cooper was the chief economist with one of Canada’s largest financial institutions and is well versed in the mortgage sector. 

“We are extremely honoured to have Dr. Cooper join DLC as our Chief Economist as the organization moves forward into 2015,”. “Dr. Cooper’s knowledge, insights, and ability to forecast changes in the economy will not only benefit the company but Canadian consumers from coast to coast.”

Dr. Cooper has an M.A. and Ph.D. in Economics from the University of Pittsburgh. She began her career at the Federal Reserve Board in Washington, D.C. where she worked very closely with then-Chairman, Paul Volcker, a relationship she maintains today. After five years at the Federal Reserve, she joined the Federal National Mortgage Association as Director of Financial Economics. Dr. Cooper also served as Chief Economist and Executive Vice-President of BMO Financial Group (which includes the Bank of Montreal in Canada and BMO Harris Bank in the U.S.), where she led a highly respected team of economists. She was responsible for global economic and financial forecasting as well as country-risk and industry-risk analysis. She joined BMO Financial Group in 1994 when it acquired Burns Fry, where she had been Chief Economist, Co-Head of Fixed Income, and Vice- Chair.

Joining DLC as Chief Economist represents a natural evolution in my career,” said Dr. Cooper. “For over 30 years I represented financial institutions by providing my insights into both the Canadian and global economies; now I am pleased to add my voice to an organization that provides choice directly to consumers. Mortgage professionals are really one of the best options for consumers seeking mortgage and financing advice for a home purchase, home debt consolidation, investment properties or home refinancing.”

Dr. Cooper will be advising on economic matters, issuing quarterly economic updates, and other statements as they pertain to the economy and the mortgage sector on behalf of Dominion Lending Centres. The financial sector can look forward to her returning expert opinion and analysis on all markets and areas of the economy that affect Canadians and in particular the housing and mortgage sectors. Dr. Cooper will work with all DLC’s business units and as one of the company’s primary spokespersons.

Questions on your Mortgage? The Angela Calla Mortgage Team is here to help you personally at 604-802-3983 or callateam@dominionlending.ca

23 Feb

Calrity on using The Angela Calla Mortgage Team vs yourself

General

Posted by: Angela Calla

Good Afternoon,

It’s common for when a borrower is considering getting a mortgage for them to consider the bank as the best source, until they know a little more about how it can impact there financial future. When you deal with an AMP you get transparency, unbiased advice, choice AND the service is free. Here are some questions and comparisons to consider moving forward. If you dealing with a lender on your own is the best financial route, it is our legal obligation to advise you to stick with where you are and always will do so.

Are you aware that dealing with any lender directly, results in you dealing with someone whom has a direct bias to do the best for their employer under their job description?

We have been through some of the most rapidly changing economic times since the great depression. What has the bank demonstrated to ensure that you have optimized that opportunity with your existing products that you feel loyal to that has resulted in you saving money and take advantage of the market on an ongoing basis with clear proactive communication (not you calling or walking into the branch)?

You understand the difference in penalty? http://www.angelacalla.ca/blog_post?id=12610 it’s impossible to intelligently shop for a mortgage with a lender directly when the contract in the 2 clauses read the same but they use different internal numbers for the calculations, which most consumers find unsettling.

What strategy’s previously and moving forward to manage your mortgage and protect your equity, and you from inflation even in the event of a fixed rate have they committed to you. https://www.youtube.com/watch?v=4akUAZOlufQ Angela Calla on City TV explaining this & The 11 things we do differently http://www.angelacalla.ca/blog_post?id=8318

A sale isn’t the ONLY reason you would need to make a future modification to a mortgage. That’s one of the BIGGEST mistakes a borrower can make- the interest rate market changing .5 of a percent (up or down), you health, income, or family circumstances can change. In life some things we know with certainty- others we do not. If you can protect yourself for free in the event of a circumstance/life change that is out of your control, why would you throw your money away to an unnecessary penalty (as above)- that makes no financial sense in any regard.
Especially when you have had the opportunity to gain clarity through knowledge.

Being licensed professionals, we are here to provide transparency, unbiased advise and choice, not only now; throughout the life of the mortgage. If it was in your best interest to remain with your lender we would advise accordingly.

Now that everything has been laid out clearly for you should you choose to remain with your existing lender on your own as the above security and clear financial benefit is not of value to you, then at least you are aware of how it will affect your finances negatively down the road.

We are passionate about helping Canadians save their hard earned money and are here to help you through having a mortgage. Contact us directly to help you move forward

Have a great day,

Angela Calla, AMP
Dominion Lending Centres-Angela Calla
Host of ” The Mortgage Show” Saturdays @ 7pm on CKNW AM980
Phone : 604-802-3983 Fax: 604-939-8795
Email: acalla@dominionlending.ca
www.angelacalla.ca

 

20 Feb

What You Need To Know About Deposits & Down Payments On A Purchase

General

Posted by: Angela Calla

When you write a contract to purchase a home, in the offer you’ll need to include a deposit amount, which you’ll agree to pay upon subject removal. This amount will then form part of the down payment upon closing.

 This amount does NOT have to be a specific percentage of the purchase price – it can be as little as $500-$2,500 dollars. This deposit amount makes no difference in the legal obligation you’re bound to once the subjects are removed. As a result, the amount should not hold merit to whether your offer is more attractive. Please review this link from the Real Estate Council of BC http://www.recbc.ca/psm_section/acting-for-sellers/ and here is the info specific about deposits.”

(i) Need for a Deposit

Contract law does not require that there be a deposit in order to create a binding Contract of Purchase and Sale. The requirement that a contract include some form of consideration is satisfied by the mutual exchange of promises by the seller and the buyer. However, it has long been recognized that including a deposit, often an amount between 5% and 10% of the offered price, represents an expression of the serious intention of the buyer.

The Council is aware that some buyers’ agents are drafting offers that do not provide for any deposit to be paid until after subject removal. One reason stated is a concern that the seller will not authorize the release of the deposit to the buyer if the buyer does not remove the subject clauses.

Some consumers, and perhaps even some licensees, are under the misconception that a Contract of Purchase and Sale is not binding on the parties until all subjects have been removed. The obligations under a contract are created once there has been an offer and acceptance (including counter-offers, if any). Some buyers believe that not including a deposit makes it easier for them to not proceed, if they choose, with their obligations under the agreement.

Buyers’ agents need to be cautious that buyers do not assume that, by not providing an initial deposit, they have somehow diminished their responsibility to make best efforts to satisfy the terms and conditions of the contract and to remove subject clauses.

It is the Council’s view that listing brokerages, in situations where buyers offer no deposit until removal of subject clauses, should advise sellers of the merits of a deposit being received from buyers. Increasing a deposit can be accomplished by way of a counter-offer from the seller.”

As you can see although it has become common for people to use 5-10% it is not required, and a seller can not just keep the deposit if something goes wrong.

This is especially helpful when the proceeds are coming from the sale of your property and you don’t want to pull money off of a credit card or line of credit – particularly in light of new mortgage changes that could give the lender the right to pull the approval if your balances owing on your credit report increase before closing.

 There are some new developments if you purchase a brand new property that requires specific structures for the deposit, which can be staggered in stages and would require you to provide higher deposit amounts. Your realtor may, however, be able to negotiate different terms. This should be discussed upfront during the preapproval process to ensure you protect yourself to the best of your ability by making a manageable deposit amount.

 Sources for deposit/down payment and timeline considerations:

RRSP – You’ll need to bring a Home Buyers’ Plan (HBP) withdrawal form to the lender that holds the RRSP, and give them 7-10 days to release your funds see the form here:  http://www.cra-arc.gc.ca/E/pbg/tf/t1036/README.html 

Investments – Best to allow 7-10 days as the required timeframe ranges depending on where investments are held. You must also ensure the market value is as expected upon cashing out your funds

Savings – Straightforward withdrawal

Gift – A gift letter will be required (most lenders have their own forms they want you to use) and then verification of the deposit into your account. Keep in mind that any deposit into your account above $2,500 is subject to further documentation. And if the gift is large, the lender has the right to seek further verification in accordance with the anti-money laundering act and OFSI guidelines (those who lend the gold make the golden rules!)

Upon subject removal, you’ll need to provide certified funds to your realtor, and forward a copy of the receipt to your AMP who is getting the mortgage approved for you.

See more helpful tips to ensure you don’t jeopardize your mortgage approval here: http://angelacalla.ca/blog_post?id=7733

Your AMP is here to help guide you through the mortgage process, and give you clarity throughout each step of the home-buying process.

Angela Calla, Mortgage Expert, AMP of the Year in 2009 and Host of The Mortgage Show on CKNW Saturday’s at 7pm. One of the most influential people in the mortgage industry for her sheer volume of people she helps save money on their mortgage, contributions she makes by consulting with Canadian’s national & regional lenders, insurers and media contributions. She and her Port Coquitlam, Port Moody & Vancouver team are here to help you personally at 604-802-3983 or callateam@dominionlending.ca

17 Feb

Highlights of BC Budget 2015- will your family save money?

General

Posted by: Angela Calla

Courtesy of CBC

The B.C. government tabled a surplus budget on Tuesday that contained a few small tax breaks for families, along with some modest increases for health care and education.

  • B.C. Budget 2015 full online coverage, from highlights to analysis
  • Budget surplus for 2014-15 to hit $879 million, nearly double earlier forecasts.
  • People on income or disability assistance will be able to keep all of their child support payments.
  • Children born since Jan 1. 2007, now eligible for one-time training and education savings grant of $1,200.
  • Early childhood tax benefit of $660 per year for children under six starts April 1.
  • Families eligible for a new PST tax credit on up to $250 worth of children’s sports equipment, worth $12.65 per child.
  • $564 million extra funding for education over three years, to meet terms of collective agreement with B.C. Teachers’ Federation.
  • Temporary personal income tax rate of 16.8 per cent on individuals earning over $150,000 eliminated, as scheduled on Jan 1. 2016.
  • $3 billion funding increase for health care over three years.
  • Medical Services Plan premiums will continue to rise by four per cent, to $75 per month for individuals, $136 for a family of two, and $150 for families of three or more.
  • No changes to BC Ferries funding, minimum wages or social assistance rates.

Questions on if you have the best suited mortgage for your family? The Angela Calla Mortgage Team is here to help you personally 604-802-3983 or callateam@dominionlending.ca

BC BUDGET BALANCE

On mobile? Click here to see a chart of B.C.’s budgets over the years

     
     
 
     
16 Feb

Buying a home or someone you know is? 5 BIGGEST mistakes to avoid.

General

Posted by: Angela Calla

Buying a home is a huge investment, so you don’t want to complicate the process with errors. There are many things that can make your first home buying experience feel overwhelming, but learning how to overcome the obstacles will alleviate some stress and headaches. Here are the top five mistakes new home buyers make, and how you can avoid them.

1. Not Becoming Pre-Qualified

Getting pre-qualified for a mortgage allows you to understand the home prices you can afford.  In today’s market it’s a luxury to qualify for a variable rate mortgage which means you will qualify for less house in most cases. Understanding this means you won’t be searching above your means. It also proves that you’re a serious buyer. When you’re pre-qualified, you may place a bid immediately after you find the perfect home. Also, it gives a real estate agent a negotiating edge over other bidders. This involves providing income & down payment confirmation upfront in the application process. It’s important not to change your status in the meantime read: 9 ways to squash your mortgage approval http://angelacalla.ca/m/blog_post.php?id=7733  You STILL have to place subject to financing on your home, as the lender will require to approve the property even if they have approved you as the borrower. Remember they always reserve the right to ask for more information where they deem necessary at any point.

2. Not Understanding the Total Cost of Buying a House

Besides the face value, there are numerous costs associated with buying a home. One of the most expensive is closing costs. Normally, you’ll need up to 2.5 percent of the purchase price. This goes toward land transfer tax, property tax, property insurance and moving costs. Also, there’ll be costs associated with the home itself. Furniture, landscaping, and other renovations will require even more money. The biggest mistake home owners do not consider is strata fees and property taxes will only go up. If you own a detached house, you should still be putting money away each month for maintenance you will need down the road. People often think the mortgage rate is the most important factor when getting a mortgage. Actually it’s the terms the terms that outweigh the rate & lead to the lowest cost of homeownership. An example of costly exit fee’s that clients are not aware of & fall victim for an attractive rate on a 250k example that can really set you back if you deal with the banks directly on your own: http://www.angelacalla.ca/blog_post?id=12610

3. Not Requesting a Home Inspection

It’s extremely important for you to make an offer conditional on a professional home inspection. You certainly don’t want to purchase a home that’s filled with defects. If the results identify problems, you’ll be able to negotiate a lower price to offset repair costs.

4. Not Choosing the Best Payment Schedule

Depending on how much you can afford, it’s best to create a custom mortgage payment schedule. Paying a mortgage off quickly will save on interest. You can save a great deal of money by selecting a shorter amortization time frame. Even increasing the amount placed on a monthly payment will make a big difference in the end. However, longer amortization lowers the payments each month. This allows you more cash flow for fun things. Do not get fooled by an attractive rate, or bundle pricing see: costly mistakes we help you avoid http://www.angelacalla.ca/blog_post?id=8318 & Essential questions for your mortgage provider https://www.youtube.com/watch?v=4akUAZOlufQ )

The standard home mortgage has a 25-year amortization period. To qualify for a longer time period, it will be necessary to make a larger down payment. The maximum time allowed is 30 years.

5. Not Using YOUR OWN Qualified Real Estate Agent

When you’re buying ANY home, it’s essential to consult with a professional real estate agent. One that ONLY has your best interest in mind. The listing agent of a house as well as developers/builders representative is CONTRACTUALLY obligated to work in the benefit of who hired them to get then the highest price. DO NOT BE FOOLED BY NON DISCLOSURE. These experts will work for you and make sure you’re paying a fair price. Also, they offer advice and will be able to locate homes that fill your individual wants and needs. When entering into a contract, real estate agents known what terms are necessary to include. Since they have your interests at heart, they’ll be able to negotiate the best deal. They’re the most important tool when it comes to any home buying. Listen here to Angela Calla & Rob Boies on CKNW The Mortgage Show interview here: http://webcms.dominionintranet.ca/user/uploads/1334/rob_interview_aug_23.mp3 and see more at www.angelacalla.ca/resources

After reviewing the common errors of new home buyers, it’ll be simple to get through the process without problems. You’ll be able to enjoy your dream investment and pay the mortgage without financial stress.

Angela Calla, Mortgage Expert, AMP of the Year in 2009 and Host of The Mortgage Show on CKNW Saturday’s at 7pm. One of the most influential people in the mortgage industry for her sheer volume of people she helps save money on their mortgage, contributions she makes by consulting with Canadian’s national & regional lenders, insurers and media contributions. She and her Port Coquitlam, Port Moody & Vancouver team are here to help you personally at 604-802-3983 or callateam@dominionlending.ca