Everybody wants to belong somewhere – whether it involves finding comfort in a brand or being part of a culture – because it’s how we put our emotions into our finances.

Emotion in finances can be a good thing when the connection makes sense.

Loyalty should be based on a systematic, proactive commitment coupled with processes and strategies on how you’ll continue to benefit via savings, value and education throughout the life of your mortgage. The fact is, loyalty is earned based on the fundamental goal of transparency in a clear plan.

Habit is what most lenders rely on as they typically only have 3 products available to you and they often “sell” you the product that represents the most profit. We all see how well the Canadian banks do. The habits they look for are the same. Here are the top 3 habits banks love:

1. All your accounts are with the bank and your cheques are also deposited there.

2. You’ve had the same bank account since you were a kid.

3. You believe it would affect your relationship with your bank if your mortgage was with another institution.

Sound Familiar?

These are not tangible reasons to do business with someone (not to mention that if you have a mortgage elsewhere, the lender will automatically withdraw payments by void cheque with no disruption to your accounts). When you consult an independent AMP (free of charge), you’ll often be shown better options that your bank just can’t provide – or simply chooses not to offer. It’s each borrower’s responsibility to make sure companies earn your loyalty. We all have a choice to make our decisions based on knowledge and work with people who want to empower us. In other words, people who want loyal clients are willing to go above and beyond to earn that loyalty.

The Angela Calla Mortgage Team is there for you throughout the life of your mortgage to save you money. Contact 604-802-3983 callateam@dominionlending.ca

Why A Mortgage Payment Vacation Is A Bad Idea

It is important that we understand the nuances of this program released in our BC Budget, so we have put together a few key points to consider.

• The credit is equal to 5% of the home price, subject to a maximum of $10,000
• The bonus is based on your income and phases out for higher income families
• The bonus is will be revieved after approval and a cheque will be sent to you after approved by the Goverment (avaliable later this year on the goverment website is sent from the borrower with your annual tax return).  Hence, it is not to be construed as funds that are available at closing date on a purchase.
• This credit only applies to brand new homes
• This credit only applies to first time homebuyers

For more information please see http://www.bcbudget.gov.bc.ca/2012/homebuyers/2012_First_Time_Home_Buyers_Fact_Sheet.pdf or call The Income Taxation Branch 1-877-387-3332 and press 0 to speak with them directly.

We look forward to helping you with the best mortgage for your next purchase, contact us directly to get started.

Angela Callla, AMP Dominion Lending Centres 

acalla@dominionlending.ca 604-802-3983 t: angelacalla

As heard on this weeks Mortgage Show on CKNW with Angela Calla Saturday Feb 25th 2012. 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:

http://rboies.mlslink.mlxchange.com/?r=1511113359&id=363434333136.312

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

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 oppertunities meeting your speciafications

Thanks for visiting

Angela Calla, AMP

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THE B.C. FIRST-TIME NEW HOME BUYERS’ BONUS

Subject to approval by the legislature, the B.C. government intends to implement a temporary BC First-Time New Home Buyers’ Bonus. Effective February 21, 2012, to March 31, 2013, the bonus is a one-time refundable personal income tax credit worth up to $10,000.

Requirements to Qualify for the Bonus

ELIGIBLE FIRST-TIME NEW HOME BUYER

You will qualify as a first-time new home buyer if:

                        You purchase or build an eligible new home located in B.C.;

                        You, or for couples, you and your spouse or common law partner, have never previously owned a primary residence;

                        You file a 2011 B.C. resident personal income tax return, or if you move to B.C. after December 31, 2011, you file a 2012 B.C. resident personal income tax return (you will not be eligible for the bonus if you move to B.C. after December 31, 2012);

                        You are eligible for the B.C. HST New Housing Rebate; and

                        You intend to live in the home as your primary residence.

ELIGIBLE NEW HOME

An eligible new home includes new homes (i.e., newly constructed and substantially renovated homes) that are purchased from a builder and that are owner-built. The bonus will be available in respect of new homes purchased from a builder where:

                        A written agreement of purchase and sale is entered into on or after February 21, 2012;

                        HST is payable on the home (e.g., HST will generally be payable if ownership or possession of the home transfers before April 1, 2013 – see further details below); and

                        No one else has claimed a bonus in respect of the home.

The bonus will be available in respect of owner-built homes where:

                        A written agreement of purchase and sale in respect of the land and building is entered into on or after February 21, 2012;

                        Construction of the home is complete, or the home is occupied, before April 1, 2013; and

                        No one else has claimed a bonus in respect of the home.

A substantially renovated home is one where all or substantially all of the interior of a building has been removed or replaced. Generally, 90% or more of the interior of the house must be renovated to qualify as a substantially renovated home (90% test).

Amount of the Bonus

MAXIMUM AMOUNT

The bonus is equal to 5% of the purchase price of the home (or in the case of owner-built homes, 5% of the land and construction costs subject to HST) to a maximum of $10,000.

PHASE-OUT FOR HIGHER INCOME EARNERS

The bonus will be reduced based on an individual’s/couple’s net income (line 236 of your income tax return) using the following formula:

                        For single individuals, the bonus is reduced by 20 cents for every dollar in net income over $150,000 (bonus is reduced to zero at $200,000 net income).

                        For couples, the bonus is reduced by 10 cents for every dollar in family net income over $150,000 (bonus is reduced to zero at $250,000 family net income).

THE B.C. FIRST-TIME NEW HOME BUYERS’ BONUS

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Additional Information

APPLICATION PROCESS

Individuals must apply for the bonus through the B.C. government. Individuals can apply once application forms have been posted on the B.C. Ministry of Finance website later this year. Applicants will be required to submit documentation demonstrating eligibility for the bonus.

ELIGIBLE NEW HOME

The bonus is available in respect of new homes (i.e., newly constructed and substantially renovated homes) where HST is payable. HST will generally be payable on homes purchased from a builder where ownership or possession transfer before April 1, 2013. Potential buyers should consult with the builder to determine if the home will be subject to the HST.

For owner-built homes, the bonus will be based on land and construction costs subject to the HST. Eligible new homes will include:

                        Detached Houses, semi-detached houses, duplexes and townhouses,

                        Residential condominium units,

                        Mobile homes and floating homes, and

                        Residential units in a cooperative housing corporation.

For More Information

INCOME TAXATION BRANCH

Ministry of Finance

Province of British Columbia

Telephone: (250) 387-3332 or 1 (877) 387-3332

Email: ITBTaxQuestions@gov.bc.ca

Good Morning,

In light of the budget that came out yesterday, I wanted to share this PDF with you – www.bcbudget.gov.bc.ca/2012/highlights/2012_Highlights.pdf – to highlight a few key points as it relates to first-time homebuyers.

Further to the changes in HST that came out last week – available at www.angelacalla.ca/blog – the provincial government has announced they will issue:

1. A tax credit for up to $10,000 for first-time homebuyers purchasing new construction over the next year
2. A $1,000 home renovation tax credit for seniors

Remember these are tax credits, so they must be claimed and applied for when you do your income tax return or upon conveyance with your lawyer/notary.

With tax time just around the corner, be sure to check with both your lawyer/notary and accountant to ensure you receive the maximum amount, and grants and refunds applicable to you.

Let us know if we can help you with any questions regarding a mortgage!

Tune into this Saturday’s The Mortgage Show on CKNW with me at 7pm!

Thanks and 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

Jest_for_Joy_Giveaway_from_Angela_Calla.mp3

Happy to support theis wonderful cause, enjoy the cause learn more at www.jestforjoy.ca

Angela Calla, AMP Dominion Lending Centres

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

@angelacalla 604-802-3983 acalla@dominionlending.ca

British Columbians will have to wait until April 1st of next year, for the return of the PST.

The province set the date, as it announced HST transition rules for the housing industry today.

Those rules raise the current HST housing rebate threshold to 850-thousand from 525-thousand on new home purchases.

That will exempt 90 percent of new homes sold.

The province is also handing out a grant of up to 42-and-a-half thousand dollars to people who purchase recreational rental properties below 850-thousand dollars.

These rules will stay in place until the PST returns.

Angela Calla, AMP

acalla@dominionlending.ca @angelacalla 604-802-3983

There is no question that your emotions and finances are connected. This has been reported by physicians across the globe. I have also personally experienced this in my business and while working with a doctor on Million Dollar Neighbourhood for the OWN network. For instance, if you’re worried about money, chances are, you get less sleep and your appetite/food choices are affected. And when lack of sleep and poor eating habits are combined, you’re more likely to become short or testy with your spouse or children. The likelihood of getting sick or injuring yourself also becomes greater… you can see the path we are going down here.

The question is: are you standing in your own way of achieving your very best possible financial situation?

3 common excuses for not properly reviewing your financial options:

1.            I don’t have time

2.            It’s too much work

3.            I don’t have options

If you’ve made any of the above excuses when it comes to your finances, you’re likely standing in the way of your own success and thousands of dollars in savings.

Let’s look closer at these excuses and what they may be costing you:

1.            I don’t have time. Many people experience time management issues. It’s what you don’t know that costs you the most amount of money. One thing that separates people who do better financially from everyone else is that they make the time to learn. It’s like saying investing in your education is a waste because you know everything in life and there’s nothing more you can possibly learn. It takes approximately 15 minutes, regardless of your organizational level, to call your AMP and review your mortgage to see what you could be doing to find more money in your mortgage. In today’s market, if you’re paying 4.25% on a $300,000 mortgage, for instance, a refinance will save you more than $18,000 in interest alone (even after including the penalty in the new mortgage) and save you more than $ 54,000 in mortgage payments! How long does it take you to net that amount after taxes? It’s safe to say that for 99% of borrowers, it would be worth it. If it’s not, at least you’re in the right mindset to save, which will serve you well in the future.

2.            Too much work. You’ll only need about 15 minutes and perhaps a few documents. If you’ve ever bought a lottery ticket, waited in line for a movie, searched in your home for a sweater or waited to be served in a restaurant, getting a few easy documents together – such as your pay slips and a copy of your mortgage statement – is definitely not “too much work”.

3.            I don’t have options. People tend to get intimidated before they have the facts. Why would you cut yourself off without knowing the full story? Knowledge is Power. We encounter many people who say they did their own calculations and, based on the penalty, refinancing is not a worthwhile endeavor. Or, sometimes their lender also says the penalty is too high to justify a change. Remember that the people making money on you by carrying debt want you to stay there. It’s how they make money! So if they can detour you and, therefore, make more money for the company, they are the ones who benefit – not you! That’s why it’s important to seek advice from an unbiased mortgage professional who does not charge you for the review and can offer multiple options that best meet your unique needs. The great thing about numbers is they’re not jaded by emotion and are completely transparent – remember that 1+1=2, no matter how you slice it!

Every day we can make better choices that empower us and those we care about. Little things can make a HUGE difference.

Angela Calla is one of Canada’s top mortgage experts and AMP of the year in 2009. Angela Calla can be contacted at 604-802-3983 or acalla@dominionlending.ca t:@angelacalla