More mortgage rules changes we expected as we approach many lenders year ends.

General Angela Calla 29 Oct

The Change

Conventional mortgages now to be underwritten using benchmark rate*

Five-year variable rate conventional mortgages  or conventional mortgages with terms less than five years now require that the borrower qualify based on the greater of the Bank of Canada five-year benchmark rate (the series V121764) or the contract rate applicable to the term chosen. For terms of five years or more, the qualifying rate is the contract rate.

example: contract rate or lower term special from lender 2.99 new qualifying rate 5.24% ***

The Affect

This means if you take a term for less than 5 years or choose a variable rate is that you will qualify for less home (but lets get real no less than you would havein 2007 when rates were just below 6% fully discounted)

The Angela Calla Mortgage Team is commited to keeping you informed so when you hear of a change you will understand the affects right away! Questions? Contact us 604-802-3983

Angela Calla, AMP




Strategies The Angela Calla Mortgage Team use that are different than your bank

General Angela Calla 29 Oct

Mortgages are more than just rates. The Angela Calla Mortgage Team uses the following long-term plans
to help you use your mortgage to create a better life:

1. Inflation Hedge Mortgage Strategy
This is being used by thousands of Canadians and, most important, clients under our mortgage
management who have a mortgage arranged with the Angela Calla Mortgage Team. This results in you
paying the least amount of interest and places more money in your pocket – making you mortgage free
Banks hate it – that’s why it’s my favourite 🙂

You will learn terms like:
future payment shock; inflation adjustments; and equity protection, and learn how to be protected from
increasing interest rates.

2. Building Futures Plan
What ifthe proper mortgage structure could result in a large annual Government return? If you have
more equity in your home as a result of this plan, you are in more control of how quickly you move up
the property ladder, and will retire with positive cash flow. The equity in your mortgage will pay you,
This is a secret that the ultra wealthy have known for years.
But this program is available for the average family, and only a few banks offer this product. The Angela
calla MortgageTeam can identify if you are a candidate to help you always find the most amount of
money in your mortgage
-to ensure your mortgage is always working for you.

3. Debt Repositioning Analysis
Consumer debt is the number one concern among Canadianstoday. Everyday a new report is released
that suggests most canadians with the proper mortgage review and management can save on average
$500 a month by repositioning their debt into their mortgage. The Angela Calla Mortgage Team has the
tools, expertise and plan in place to make sure you are always best positioned for the life of your
mortgage – and this includes debt management
– as a courtesy for doing business with us. We are passionate about helping you create the best possible

We look forward to showing you how we can get these plans working for you by building a strategy
together that addresses your unique needs

Angela Calla Mortgage Team

Phone: 604-802-3983 email:

Tips to Keep in Mind from Reviewing of a Mortgage to Funding.

General Angela Calla 26 Oct

Tips to Keep in Mind Between Your Mortgage Pre- Approval/Review of Options till Funding Dates

In light of the new market realities and tightening of credit underwriting standards by both lenders and mortgage default insurers as of late,  keep in mind that now – more than ever – it’s important to be careful what you do between the time your mortgage is approved and when it funds. 

A few mortgage lenders and insurers have been doing something lately that they have not done in a long time – pulling new credit bureaus prior to funding, especially if there is a long period between the time of your approval and when the mortgage actually funds.

Following are eight tips to keep in mind between your mortgage approval and funding dates:

  1. Don’t buy a new car or trade-up to a more expensive lease.
  2. Don’t quit your job or change jobs. Even if it’s a better-paying job, you still are likely to be on a probationary period. If in doubt, call your mortgage professional and they can let you know if this may jeopardize your approval.
  3. Don’t change industries, decide to become self-employed or accept a contract position even if it’s within the same industry. Delay the start of your new job, self-employment or contract status until after the funding date of your mortgage.
  4. Don’t transfer large sums of money between bank accounts. Lenders get especially skittish about this one because it looks like you’re borrowing money. Be ready to document cash transactions or money movements.
  5. Don’t forget to pay your bills, even ones that you’re disputing. This can be a real deal-breaker. If the lender pulls your credit bureau prior to closing and sees a collection or a delinquent account, the best you can hope for is that they make you pay off the account before they will fund. You don’t want to have to scramble to pay off a debt at the last minute!
  6. Don’t open new credit cards. Again, just wait until after your funding date.
  7. Don’t accept a cash gift without properly documenting it – even if this is from proceeds of a wedding. If you have a bunch of cash to deposit before your funding date, give your mortgage professional a call before you deposit it.
  8. Don’t buy furniture on the “Do not pay for XX years plan” until after funding.  Even though you don’t have to pay now, it will still be reported on your credit bureau, and will become an issue – especially if your approval was tight to begin with. While you may not risk losing your mortgage approval because you have broken one of these rules, it’s always best to talk to your mortgage professional before doing any of the above

Angela Calla Mortgage Team 6t04-939-8777


8 Benifits of Working with The Angela Calla Mortgage Team

General Angela Calla 26 Oct

8 Benefits of working with The Angela Calla Mortgage Team

  1. 1.       We are independent, unbiased mortgage experts who use our experience in shopping multiple lenders to result in the best long term approach for your needs, keeping in mind your future goals.
  2. 2.       We protect your credit score by using one application to shop the best suited lenders, whereas, if you had done this on your own; it would affect the options available to you.
  3. 3.       Our service is free, as we get compensated equally regardless of where we place your mortgage.
  4. 4.       The consulting we provide is for as long as you have a mortgage; we are continually looking for ways to optimize the market to minimize the interest you pay on your mortgage.
  5. 5.       We place billions of dollars with the lenders where the average consumer may only place a few mortgages in their lifetime; this is our passion and profession.
  6. 6.       With our team being on advisory boards for lenders, insurers and government bodies, we are in the front line of the industry, which allows our clients to benefit from knowledge first, in real time, giving you the ability to be proactive.
  7. 7.       Everyone on our team is qualified to help you, so when it matters most to you, your questions are addressed quickly and properly. We maintain that with our own personal experience, our expertise is used to help you in the same manner as we would for our own mortgages and for those for our families.
  8. 8.       We provide continuous education through our radio program, blog, newsletters, realeases, facebook pages and personal contact and scheduled follow-up.

Angela Calla, AMP
Mortgage Expert
Host of “The Mortgage Show” on CKNW AM980 Saturdays at 7pm

Nothing to fear but fear itself when it comes to real estate

General Angela Calla 24 Oct


Just sit back and do nothing. It doesn’t sound like the most proactive advice when it comes to the housing market, but it may just be what everybody needs to hear.


Panic is the worst thing that could happen because when that mentality sets in and people become irrational, it’s hard to forecast how low prices will go, says Benjamin Tal, Deputy Chief Economist at CIBC. He’s among the many who predict that prices will fall but by a moderate level that does not resemble the US crash.


“There is nothing to fear but fear itself,” says Tal, paraphrasing the famous quote from US President Franklin D Roosevelt before his election. The economist’s worry, and that of others, is that we’re now talking ourselves into a housing crash by creating a scenario in which every new statistic is interpreted in the most negative way with an eye on trying to constantly compare the Canadian housing market with what our neighbours to the south experienced just before their housing prices plummeted by as much as 50% in some markets.


A study this summer by Environics Analytics WealthScapes found the average net worth of a Canadian was $363,519, with $269,024 of that figure the net equity in real estate.


Click here for more from the Financial Post.


To learn your mortgage options contact Angela Calla Mortgage Team 604-802-3983

46% of Canadians intend to buy in the next 5 years according to BMO study

General Angela Calla 24 Oct

According to the first BMO Housing Confidence Report released yesterday, nearly half of Canadian homeowners (46%) intend to buy a property in the next five years, signalling a high level of confidence in Canada’s housing market.


A modest increase in prices, however, would derail plans to buy; meanwhile, three-quarters (72%) of households would feel a significant strain if they were to experience a modest increase in monthly mortgage payments, such as one caused by an increase in interest rates.


The report reflects the sentiment of Canadian homeowners after the new mortgage regulations introduced by the Federal Government came into effect in July 2012.


“The fact that 46% of Canadian homeowners intend to buy a property in the next five years implies that Canadians are feeling confident in the current real estate market environment,” said Martin Nel, Vice President of Lending and Investments, BMO. “However, that certainty is tempered, given the adverse effect moderate increases in home prices and mortgage costs would have on the average homeowner.”


Click here for more results from BMO.


To learn about your mortgage options contact Angela Calla Mortgage Team 604-802-3983 or

Deal of the week in #vancouver from @willingtwo on @cknw @angelacalla

General Angela Calla 24 Oct

As heard on this weeks Mortgage Show on CKNW with Angela Calla. To get pre approved for this property or any other purchase email us at 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

Please note that properties like this move quickly and getting set up with Rob Boies directly will keep you abreast of all of these types of oppertunities meeting your speciafications

Thanks for visiting

Angela Calla, AMP

New Rules for Pre Paid Credit Cards

General Angela Calla 24 Oct

Courtesty of CBC

Finance Minister Jim Flaherty announced new regulations for the prepaid credit card market Wednesday, requiring what the finance minister called “reasonable disclosure” and eliminating some things about the cards the finance minister says are “quite unfair.”

“This is a relatively new product,” he said. “We’re catching up with some of the practices that were put in place.”

Issuers of prepaid cards will no longer be able to impose expiry dates. Now they have to be more clear about previously-hidden fees and conditions.

Flaherty told reporters that the arrival of prepaid credit cards was “both advantageous and welcome in our competitive financial services marketplace.”

The cards fill a need, Flaherty said, especially for people who are unable to get conventional credit or debit cards.

“But as a government, we need to ensure that an appropriate consumer protection framework applies to these new payment product offerings so that Canadians can take advantage of them fully aware of all fees and conditions that might apply,” the finance minister said.

Some cards carry fees that significantly reduce their face value, including monthly or annual fees, maintenance costs and ATM charges.

Vulnerable consumers benefit

The rules will require the card’s fees to be prominently disclosed in an information box on the card’s packaging. Other conditions and other important information about using the card must now be provided in “clear, simple and unambiguous language,” Flaherty said.

Under the new rules, cards will no longer expire. Financial institutions will not be able to impose maintenance fees or dormancy fees within the first year of the card’s activation.

Fee increases or new fees for the card will require advance notice to consumers.

Flaherty said that the proposed regulations for prepaid credit cards will be published shortly. Both industry and consumer groups were consulted in advance.

Flaherty made Wednesday’s announcement at a community resource centre that helps vulnerable individuals and families with services that include financial literacy and tax preparation assistance. The finance minister mentioned that his announcement coincides with “financial literacy month,” which starts in November.

Financial literacy is a national priority, the finance minister said.

Flaherty said the changes were motivated by the fact that young people are big users of prepaid credit cards. Some parents use these cards to introduce their children to using plastic for payments, while limiting the risk of theft and over-spending.

While the government has done a lot to regulate credit and debit cards, it hadn’t done much on the prepaid credit cards, he said.

The move is part of the government’s expanding code of conduct measures to govern credit and debit transactions.

End of Article.

This is certainly a step in the right direction. There should be a regulating body for credit cards where borrowers have to go through a full qualifying process as they would for a mortgage. It’s not mortgage debt that is the problem borrowers have been fully qualified with proving their income and approved credit. The changes are overkill. It’s high interest consumer debt that needs a shift in its current qualification and processing abilities ASAP!

Angela Calla, AMP

Dominion Lending Centres 604-802-3983

BOC holds steady but changes are here.

General Angela Calla 23 Oct

For the 25th consecutive month, the Bank of Canada has left interest rates unchanged. This means there will be no change to your variable-rate mortgage or line of credit payments.

Following are links to today’s announcement as well as an article if you’d like further details:

Bank of Canada Announcement:

Globe and Mail Article:

Although rates are expected to remain at record lows, we have seen recent changes to the mortgage rules from the Office of the Superintendent of Financial Institutions (OSFI), which have the affect of just over a 1% interest rate hike with many more to come in the following months.

The key message here is don’t wait to review your options! This week we saved a single-income family from Surrey with two sons under five years old more than $680 a month by restructuring their mortgage into a better plan.

This helps the mother not have to go back to work full-time, which relieves a lot of stress. After two maternity leaves almost back-to-back, her position was shuffled and the company downsized. 

If you think it’s time for a review because you’re carrying debt outside your mortgage, paying more than half a percent above current rates, or someone that you care about may be, please contact us 604-802-3983 or introduce us over an email:

Look for my tips Friday in the October 26th 2012 Mortgage Report in the Globe and Mail! If you have questions, we’re here to help!

All the best,

Angela Calla, AMP

Dominion Lending Centres-Angela Calla Mortgage Team

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

Collateral Versus Standard Charge Mortgages

General Angela Calla 23 Oct

Since an increasing number of lenders seem to be 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 up to 150% more than either the mortgage amount or property value in the case of some banks and 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 flat out impossible to get a second mortgage (or secured line of credit) 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 still may 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. In other words, it’s easier for you to keep your options open. If you need to borrow more with a standard charge mortgage, you have the option of a second mortgage or a home equity line of credit (HELOC), which also enables you to take money out as your mortgage is paid down.

Navigating through the mortgage process alone can be tricky. Working with a mortgage professional who has access to multiple lenders will help ensure you receive the product and rate catered to your specific needs.

Angela Calla, AMP

Dominion Lending Centres

604-802-3983 t:@angelacalla

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