Top 5 Myths from Millennial Buyers

1. I need to save a 20% down payment for a house. – No you don’t! You can buy for your first time or your third time with a 5% down payment (pending purchase price, of course). There are even government matching programs, gifts you can get or deposits you can partially borrow. Don’t get discouraged. Learn how you can work with your rent payment and see what that equates to in qualification. It all starts with a plan.
2. I need to be employed for 2 years or work a regular 9-5 job to qualify to buy a home. No, you can be on the job as little as past your probationary period or be newly self-employed. It’s only one of the components in being approved for a mortgage. Your industry, education, credit and net worth all play a role in the qualification equation, and self-employed people have way better options than paying themselves a huge amount that drains there business. Look at what applies  to you.
3. I have to live in the same property for 30 years to make it worth it to buy a home. No Way. Consider this: With renting, 100% of your payment goes to the landlord. When you make that same payment in the mortgage- you are investing in YOURSELF especially with rates as low as they are today. That benefit alone coupled with the lenders that are available with low exit fees, the tax free equity you are building and the potential of eventual home value appreciation are a HUGE wealth-building tool.
4. I have loans that prevent me from qualifying. All loans outside a mortgage have an impact, each lender looks and uses different payments for each. Perhaps proceeds you were going to use for the down payment are better allocated, or after you own for a few years you can roll that payment in to improve your cash flow.
5. How do I trust I’m getting the right information to buy a home? This is so important. As an unbiased mortgage professional, we will guide you through everything and show you exactly what relates to you and put you on a path for success. The most important advice is to make sure you get information directly from the source, as mortgages and policies are changing rapidly.

Angela Calla is a 15 year award-winning woman of influence and mortgage expert. Alongside her team, passionately assisting mortgage holders get the best mortgage, and educating them on “The Mortgage Show” on CKNW for over a decade and through her best-selling book “The Mortgage Code” available on Amazon. To purchase the book click here: The Mortgage Code. Proceeds from her book sales are donated to local charities helping families in the tri-city community.  For media interviews, speaking inquiries or personal mortgage assistance, please contact Angela at callateam@dominionlending.ca or 604-802-3983.

Angela Calla Accepts 2 nominations for Business Leader of the Year for 2019 and Community Spirit Award at the Tri-Cities Business Excellence Awards.  The luncheon was hosted by the Tri-Cities Chamber of Commerce at the Westwood Plateau Golf and Country Club.

Angela Calla is a 15 year award-winning woman of influence and mortgage expert. Alongside her team, passionately assisting mortgage holders get the best mortgage, and educating them on “The Mortgage Show” on CKNW for over a decade and through her best-selling book “The Mortgage Code” available on Amazon. To purchase the book click here: The Mortgage Code. Proceeds from her book sales are donated to local charities helping families in the tri-city community.  For media interviews, speaking inquiries or personal mortgage assistance, please contact Angela at callateam@dominionlending.ca or 604-802-3983.

Debt Consolidation – Pushing the reset button.

This is not your parent’s mortgage!!  We have been well trained by our parents who have been strongly influenced by the banks to want to quickly pay off our mortgages.  Back then, the price of homes were substantially lower and the interest rates were astronomically higher.  Our environment has changed.  We now have these big mortgages with incredibly low interest rates that we should be taking advantage of.  The equity grows and you get the tax benefits of home ownership.  Due to cost of everything including home ownership rising, 6/10 Canadians are living paycheck to paycheck due to debt. We are struggling with debt and the banks are profiting from the incredibly high interest rates incurred by credit cards and other loan providers.

Debt Consolidation will free up your monthly cash flow to in turn re-invest in yourself and your financial goals

If you have a home and have acquired the equity in your home, why not take advantage of the lowest interest rate available. Most of us are afraid to consolidate our debt with our mortgage. Our main focus is to pay off our Mortgage as quickly as possible…before retirement preferably, please and thank you.

Think about this, how are you possibly going to pay off all that debt without an inheritance, winning the lottery or a crazy large bonus at work. If your debt is growing, be proactive.  Refinancing with the lowest available interest rate including any penalties or costs will give you the chance to start over. And increase your cash flow that can no go towards the principal in your home rather then paying the high interest on your debt.

Saving our clients money and the freedom of not living paycheck to paycheck

Through debt consolidation, we have saved our clients anywhere from $500 to $5,000 per month that they were using to pay off their debts.  That equals anywhere from $6,000 to $60,000 a year.   It’s empowering to be able to build a savings nest or buy an investment property or invest in RRSP’s and RESPs.  All the things our client’s wanted to do but were unable to do because they were focused on paying off debt.  This increase in liquid cash can make the difference between spending the next 10 years paying off debt or spending the next 10 years building up your financial portfolio and your savings account and growing your wealth.

I still want to pay my mortgage off faster!!!

This is even more possible after a debt consolidation. This increased cash flow can be put back into your mortgage as well as be used to build up savings.  Traditional Bank mortgage terms and conditions lock you into an inflexible mortgage that takes away your control to pay off your mortgage quicker and adjust to lives challenges. In some cases, you are given one day, on your anniversary date to pay an additional amount.   Mortgage Brokers have access to Lenders, not available to the public, that will help you achieve your mortgage goals faster and without bias using competitive mortgage rates, flexible payment structures and low exit fees to work to your advantage with every life stage.

Angela Calla is a 15 year award-winning woman of influence and mortgage expert. Alongside her team, passionately assisting mortgage holders get the best mortgage, and educating them on “The Mortgage Show” on CKNW for over a decade and through her best-selling book “The Mortgage Code” available on Amazon. To purchase the book click here: The Mortgage Code. Proceeds from her book sales are donated to local charities helping families in the tri-city community.  For media interviews, speaking inquiries or personal mortgage assistance, please contact Angela at callateam@dominionlending.ca or 604-802-3983.

With all the news we have seen on the election, I thought I would sum it up from a mortgage industry perspective.

What the liberal win means for your mortgage:

1. We will see the continuation of the First Time Home Buyers’ Incentive. Check out the link for more information here:  https://www.placetocallhome.ca/fthbi/first-time-homebuyer-incentive
2. Property Transfer Tax modifications were on the platform, so we will await the date that change is applicable
3. Consumers will still be able to withdraw up to $35,000 from their RRSP’s as part of the government’s Home Buyers’ plan. https://www.canada.ca/en/revenue-agency/programs/about-canada-revenue-agency-cra/federal-government-budgets/budget-2019-investing-middle-class/home-buyers-plan.html
4. Bank of Canada Rates may not decrease as expected this year – unless there is a significant sudden downturn in the market – based on the snapshot of recent activity,  that doesn’t appear as likely. It certainly makes it easier for the lenders not to pass the decrease down the line to the consumer.
5. We will likely see a national housing tax implemented in addition to the provincial ones already in place.

For items 1, 2 & 5, here is a link https://globalnews.ca/news/5893892/trudeau-liberals-first-time-homebuyers-program-expansion-campaign-promise/

It doesn’t appear we will see any of the changes to the stress test or amortization hoped for by many.

Stay tuned for more updates and what the Bank of Canada decides to do Oct. 30 and Dec. 4.

While the constant in our market will always be change, we are here at the frontlines to help you navigate the market to your advantage and save you money. Please reach out to us with any mortgage questions on how we can help you or those you care most about.

Angela Calla is a 15 year award-winning woman of influence and mortgage expert. Alongside her team, passionately assisting mortgage holders get the best mortgage, and educating them on “The Mortgage Show” on CKNW for over a decade and through her best-selling book “The Mortgage Code” available on Amazon. To purchase the book click here: The Mortgage Code. Proceeds from her book sales are donated to local charities helping families in the tri-city community.  Angela can be reached at  callateam@dominionlending.ca or 604-802-3983.

6 Questions you need to ask yourself before taking the leap.

Angela Calla is a 15 year award-winning woman of influence and mortgage expert. Alongside her team, passionately assisting mortgage holders get the best mortgage, and educating them on “The Mortgage Show” on CKNW for over a decade and through her best-selling book “The Mortgage Code” available on Amazon. To purchase the book click here: The Mortgage Code. Proceeds from her book sales are donated to local charities helping families in the tri-city community.  Angela can be reached at   callateam@dominionlending.ca or 604-802-3983.

Tri-Cities business awards nominees named Nine nominated for business leader and nine for young professional Staff writer / Tri-City News

Nine nominations for business leader of the year and nine for young professional of the year are up for the 2019 Tri-Cities Chamber of Commerce Business Excellence Awards.

Individuals nominated for business leader are Angela Calla (The Angela Calla Team), Anita Wilson (Coast Therapy), Chris Chong (Butter Studios), Fatma Taha (Big Hearts Homecare), Fred Soofi (Pasta Polo), Gabriel Wong (Westcoast SCI), Kirsten Wilson (Jack Cewe Construction), Mark Friebe (Giggle Dam Dinner Theatre), and Mike Falco (Rocco’s Deli).

The young professional of the year nominees are Adina Diaconu (Westpro Physiotherapy), Cassie Curtis (Cakes n Sweets), Jamie Banfield (Jamie Banfield Design), Jessica Morrison (Squish Juicery), Josh Redpath (Redpath Relocations), Kelso Kennedy (RedStamp Agency), Srdjana Kasic (Longevity Graphics), Taryn Barker (The Little Butcher), and Yasaman Madanikia( Expressions Counselling).

There are 11 nominees for business of the year with 30 employees or more, seven for those with 11 to 30 employees, and 27 for businesses employee one to 10 people. There are 12 nominations for the not-for-profit organization of the year and 16 for the community spirit award.

-newsroom@tricitynews.com-

Angela Calla is a 15 year award-winning woman of influence and mortgage expert. Alongside her team, passionately assisting mortgage holders get the best mortgage, and educating them on “The Mortgage Show” on CKNW for over a decade and through her best-selling book “The Mortgage Code” available on Amazon. To purchase the book click here: The Mortgage Code. Proceeds from her book sales are donated to local charities helping families in the tri-city community.  Angela can be reached at  callateam@dominionlending.ca or 604-802-3983

Angela Calla Contributes to the NEW Book
Dynamic Women® Success Secrets to Empower & Inspire!

Angela Calla, as an accomplished businesswoman, has teamed up with Diane Rolston (Coach, Speaker and CEO of Dynamic Women®) and several other Top Thought Leaders, Experts and a select group of leading entrepreneurs and professionals as a Contributor to the new book, Dynamic Women® Success Secrets! She was selected because of her commitment to serving others and willingness to share her secrets for living a successful life.

DYNAMIC WOMEN® SUCCESS SECRETS IS SCHEDULED FOR RELEASE IN NOVEMBER 2019.

This NEW “Game-Changing Book” REVEALS how you can use simple tips to increase your success, boost your motivation, and feel empowered to achieve your goals.

​With 52 inspiring stories and real-life examples you’ll have weekly tips to achieve a variety of goals, the real SECRETS behind successful results AND messages to empower your week and to set a positive mood for your day!

For more information about the upcoming release and to attend the book launch parties in both Ontario and British Columbia visit www.dianerolston.com/success

 About Angela Calla:

Angela, as a licensed mortgage broker with Dominion Lending Centres and industry award winner, has been ranked nationally as one of the most influential women in the mortgage industry.  As a result, Angela Calla has made a name for herself as an expert media guest for television, radio and print including hosting “The Mortgage Show”   in Vancouver on CKNW AM980 – now in it’s 11^th season where she continues to educate, elevate and empower the public with knowledge about acquiring a mortgage and navigating the market. More recently, Angela became a best-selling author with her book “The Mortgage Code” which has helped bring clarity to Canadians seeking a mortgage. She is also a proud mother of 2 young children and a generous contributor to many local charities. She is a passionate, caring and generous women who has achieved success through caring about her clients and her community.

 About Diane Rolston and Dynamic Women®:

Diane Rolston is called THE Expert on Being Dynamic and living a Dynamic Life. After leading hundreds of events and programs in her two businesses, speaking on international stages, being a published author while raising two young children, Diane Rolston knows all about work/life balance and getting things done! As an Award-Winning Coach and the CEO and founder of Dynamic Women®, a global community of women, her purpose is to unlock the greatness in others. Diane works with professionals and small business owners all over the world to provide clarity, confidence and action through coaching. www.dianerolston.com.  Dynamic Women® is an international community of success-oriented women. Our members get access to success coaching, additional online educational activities, and the invaluable networking connections they need to reach their personal or professional goals.

Learn more about Dynamic Women® at www.dynamicwomenclub.com

 To contact Angela Calla today for media interviews, speaking inquiries or personal mortgage assistance, please call Gordana at 604-939-8777 ext 367 or email: callacom@dominionlending.ca or visit us at  www.angelacalla.ca

Angela Calla is a 15 year award-winning woman of influence and mortgage expert. Alongside her team, passionately assisting mortgage holders get the best mortgage, and educating them on “The Mortgage Show” on CKNW for over a decade and through her best-selling book “The Mortgage Code” available on Amazon. To purchase the book click here: The Mortgage Code. Proceeds from her book sales are donated to local charities helping families in the tri-city community.  Angela can be reached at   callateam@dominionlending.ca or 604-802-3983.

If you’re credit challenged but want to get into the housing market, it can be a tough road to hoe. But improving your credit to a point where a lender will give you chance, is very doable.

First, I won’t bore you with the detailed minutia of credit scores. Basically, what you need to know is a score above 680 puts you in a good position to get financing, while below will make it tough and improvement is needed.

Your credit score tells lenders some basic stuff about your credit: How long you’ve had credit, your ability to pay back that credit and how much you owe. And so your credit score is affected by how much debt you’re carrying in regards to limit, how many cards or tradelines you have and your history of repayment.

If you’re a young person and new to the world of credit, consider the 2-2-2 rule to help build up your credit. Lenders want to see two forms of revolving credit, like credit cards, with limits no less than $2,000 and a clean history of payment for two years. It’s also good to note, a great credit score will also include keeping a balance on all those cards at any given time below 30 per cent of the limit.

To ensure your score stays in playoff form, make sure to pay off any collections, like parking tickets, and correct any old or incorrect reporting on your  credit score by contacting Equifax to have it removed. Some people also forget their credit cards have an annual fee and fail to pay them off too.

This cannot be stressed enough, if you want to keep or attain a good credit score, you have to pay your credit cards or tradelines on time regardless of whether you owe $1 or $1 million.

There is a tendency when things get really bad to consider declaring bankruptcy or a consumer proposal. A consumer proposal is a formal, legally binding process to pay creditors a percentage of what is owed to them.

You really want to avoid these two options. Instead, there are companies out there that will perform the same function and negotiate your debts, but it won’t impact your credit or carry the stigma of bankruptcy or a consumer proposal.

Lastly, if you already own a home and have some equity, but you’re still drowning in credit debt, consider refinancing your mortgage. Sure, you might not get the great rate you have now or you might get dinged for breaking your mortgage early, but using the equity in your home to get rid of high interest credit payments could keep more money in your pocket at the end of the day.

Angela Calla is a 15 year award-winning woman of influence and mortgage expert. Alongside her team, passionately assisting mortgage holders get the best mortgage, and educating them on “The Mortgage Show” on CKNW for over a decade and through her best-selling book “The Mortgage Code” available on Amazon. To purchase the book click here: The Mortgage Code. Proceeds from her book sales are donated to local charities helping families in the tri-city community.  Angela can be reached at   callateam@dominionlending.ca or 604-802-3983.

If you’re in a mortgage that’s coming up for renewal in the coming months and you’re considering just staying with your current lender, you wouldn’t be alone.

According to the Canadian Mortgage and Housing Corporation’s (CMHC) Residential Mortgage Industry Report released in the summer, in 2018, the number of mortgage renewals with the same lender increased by 16 per cent over the previous year.

The report suggested one of the factors that may have contributed to large increases in loan renewals with the same institution are the tighter approval criteria. In other words, people are worried they may not qualify for a new mortgage if they switch lenders, so they’re staying put.

You’ll remember in the fall of 2017, OSFI, (the Office of Superintendent of Financial Institutions) the agency that regulates the financial industry, announced tighter rules on mortgages. The biggest change related to uninsured mortgages, or homebuyers with 20 per cent or more for a down payment. These people are now required to go through a “stress test” or qualify using a minimum qualifying rate.

The changes came a year after a similar stress test was introduced for insured mortgages.

If the tighter mortgage rules still have you stressed as you face a mortgage renewal, the CMHC report noted the approval rate for same lender renewals remained stable at 99 per cent. Renewals are not specifically subject to the new stress test and are more likely to meet current lender criteria, the reported noted.

So, does that mean you should just automatically renew your mortgage with the same lender when your term is up? Not necessarily. You need to reach out to a mortgage professional to get the best advice.

For starters, most lenders, especially the big banks, will send you a renewal letter when there’s about three months left on the term. Sometimes that letter could come with six months left. Typically, the lender will offer you a rate at that time and all you’ll have to do is sign at the bottom line to roll over your mortgage.

But beware, lenders often offer a higher rate than a new client because they’re hoping the ease of renewal will keep you from seeking out a new lender and lower rate.

In some cases, it may be best to just sign and roll over your mortgage. There are a few things to consider. If you decide to change lenders, you’ll basically have to go through an approval process again. That entails getting all your documents, lawyer’s fees and appraisals.

You’ll have to ask yourself, is it worth the effort to save a few basis points off your rate, or a few hundred dollars over a term to make the switch?

For some it won’t be. But, if a switch can lead to saving thousands of dollars, it would certainly be something to consider. While everyone’s situation is different, the larger the mortgage, the bigger the savings will be if you can find a lower rate.

Often, homeowners will just use a bank their parents recommend for their first mortgage. But they might find themselves not happy with the service or terms of the mortgage and may just want to switch to a different lender as the mortgage comes up for renewal.

If that’s a situation you find yourself in, you have options, and a mortgage broker can help you make the best decision.

-Dominion Lending Centres-

Angela Calla is a 15 year award-winning woman of influence and mortgage expert. Alongside her team, passionately assisting mortgage holders get the best mortgage, and educating them on “The Mortgage Show” on CKNW for over a decade and through her best-selling book “The Mortgage Code” available on Amazon. To purchase the book click here: The Mortgage Code. Proceeds from her book sales are donated to local charities helping families in the tri-city community.  Angela can be reached at  callateam@dominionlending.ca or 604-802-3983.

I have really enjoyed seeing homebuyers getting into the market over the last year. You never know the bottom until you are seeing it in the rear view mirror.  It looks like we are in recovery mode. Certainly a market cycle I have seen before and predicted at end of summer for Global News.

https://www.westerninvestor.com/news/british-columbia/bottomed-out-metro-vancouver-home-sales-leap-46-3-per-cent-1.23964418?utm_source=Western+Investor+Newsletter&utm_campaign=07e0a8cd95-EMAIL_CAMPAIGN_2018_01_03_COPY_01&utm_medium=email&utm_term=0_9b89d35e1e-07e0a8cd95-96588301

If you or someone you care about is looking to make a purchase, reach out to us directly to assist you.

Angela Calla is a 15 year award-winning woman of influence and mortgage expert. Alongside her team, passionately assisting mortgage holders get the best mortgage, and educating them on “The Mortgage Show” on CKNW for over a decade and through her best-selling book “The Mortgage Code” available on Amazon. To purchase the book click here: The Mortgage Code. Proceeds from her book sales are donated to local charities helping families in the tri-city community.  Angela can be reached at  callateam@dominionlending.ca or 604-802-3983.