I just wanted to provide an update on a special project that’s been an exciting journey for me.

Last fall, my first book The Mortgage Code became a best seller on Amazon in four categories, both in Canada and the U.S.

An audible version of The Mortgage Code is available today. It’s an easy way to get all the information you need from my bestselling book.

As a mortgage professional for 15 years, I’ve helped bring clarity to Canadians seeking a mortgage, and The Mortgage Code will do the same.

In a fluctuating and uncertain market, it’s the perfect time for a book like this to help homebuyers understand the mortgage process, save money and make the right mortgage decisions.

While being a consumer advocate has been a passion of mine since the beginning, so has giving back to the community in which I live. That’s what makes The Mortgage Code such an exciting project. All proceeds from the sale of the book this year will go to the Eagle Ridge Hospital Foundation. The EHRF does amazing work raising funds for much needed equipment for Eagle Ridge Hospital in Port Moody. I’m proud to partner with such an amazing organization.

If you’d like to chat more about The Mortgage Code please feel free to contact me anytime.

In Canada, click The Mortgage Code to download today!
In the U.S., click The Mortgage Code to download today!

The federal government is looking to make home-buying more affordable for millennials – and one potential solution would have a noticeable impact on mortgage payments.

Finance Minister Bill Morneau said in January there are “multiple things we’re looking at in order to think about how we can help in that regard,” referring to home-affordability issues for young Canadians. He did not float any concrete policy options.

However, The Globe and Mail’s Bill Curry reported on Wednesday that Ottawa appears to be considering a move that would allow first-time home buyers to obtain 30-year insured mortgages, up from the current 25-year limit. The Canadian Home Builders’ Association has discussed policy changes in recent meetings with officials in the Prime Minister’s Office and Mr. Morneau’s office.

Read more here: The Globe and Mail

Angela Calla is a 15 year award-winning woman of influence 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 a sales will help build a new emergency room at Eagle Ridge Hospital. Angela can be reached at callateam@dominionlending.ca or 604-802-3983.

Many of my clients and friends regularly ask me when or if they should consider a refinance. Here are 4 quick questions that I ask of them. The answer they give me, will very quickly tell me if we should be taking a deeper look at the mortgage refinance options available to them.

What do you believe the current value of your home is and what is the outstanding balance on your mortgage?
Have you ever heard your mortgage broker or banker talk about “loan to value”(LTV)? They are looking to determine what your outstanding balance of your mortgage is as a percentage of your property value. The reason we look at your LTV is because there are limits in Canada with respect to how large your mortgage can be based on the current value of your home. This gives your mortgage broker insight into how much equity or money you have access in the event that you were to refinance your mortgage.

What is the maturity date of your mortgage and your current rate/term length?
Understanding who your current lender is, what your maturity date is, and what your rate/term details are, will help your mortgage broker determine what type of penalty you might have for breaking your current mortgage contract. Knowing your rate will also give them the details they require to calculate the interest savings that you would receive from a refinance. When looking to refinance, your mortgage broker should be factoring these potential costs and overall interest savings into their overall benefits analysis when trying to determine if refinancing is the right option for you.

How is your household monthly cash flow impacting your short and long term financial goals?
Budget, budget, budget… this is one of those tools that we all know we should do, but it often gets very little of our attention each month. By understanding how much net income you have coming in each month and where that cash is going (cash flow) we can look at how a restructured mortgage could help. If you are finding that all of your money is disappearing each month and you’re having trouble getting by, a new mortgage can help restructure your monthly debt payments giving you some added breathing room. It is important to note that sometimes it is not about debt payments and it can be about high household expenses. Taking the time to assess your spending and cutting it back if necessary, might be enough to get you back on track. Check out our blog post on basic budgeting tips and tricks.

Looking at your outstanding debt, what are the current interest rates that you are paying and are you only making the minimum payments each month?
A quick snap shot of your current debt load, respective interest rates and monthly payments can give us some insight into how a refinance can save you interest. By understanding what your financial picture looks like and the amount of interest that you are currently paying to service that current debt, we can very quickly estimate how much interest you could save with a refinance. If you take a number of those high interest rate credit cards and roll them into a new, low interest rate mortgage, the savings can very quickly become quite substantial.

In closing, a refinance is a financial tool that can make a significant difference in your current financial picture. If you have reviewed the questions above and would like to take a closer look at your situation, there is never a better time than the present to make a change that will have a positive impact on your future.

Take the time to have a conversation with a Dominion Lending Centres mortgage broker who can give you some insight into how a new mortgage could help you with a brighter financial future.

-Nathan Lawrence

Angela Calla is a 14 year award-winning woman of influence 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 a sales will help build a new emergency room at Eagle Ridge Hospital. Angela can be reached at callateam@dominionlending.ca or 604-802-3983.

When you’re preparing your taxes, you’ll want to have your mortgage statement ready. Here is what you need to know.

1. Lenders send statements out by Feb. 28 at the latest – if you haven’t received it by the first week of March, contact your mortgage provider (asking for it earlier may result in an admin fee added to the mortgage as lenders are busy with preparing their year end statements). Also signing up online may also provide details required.
2. Review the following on the statement:
Property taxes/ life and disability insurance – payment amount and balance on available pre-payments – while the insurance policies are bundled, often there can be errors and not end up the responsibility of the provider.
3. Bring this statement when you do your taxes – there may be available write-offs or grants available to you. If you use part of your home as an office or if any of your borrowing was for investment or renovations for seniors, energy efficiency, etc.
4. Keep your mortgage statement, year-end pay stub and T4 together in an e-file once you get your tax documents back, with the T1 General (full) and Notice of assessment. If you require any borrowing, or there is a better mortgage strategy available in the upcoming year, it’s standard practice to be asked for all of those documents.
5. A very popular strategy is borrowing for RRSP top up – before you do this, check if you qualify under the new stress test for the mortgage you have or if you are hoping to move up the property ladder. The biggest mistake mortgage holders make is not taking into account that every $500 in debt – even for investment takes away up to $100,000 in mortgage amount qualification. So, a little planning can ensure you reach your goals for the upcoming year and optimize your options.

Angela Calla is a 14 year award-winning woman of influence 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 a sales will help build a new emergency room at Eagle Ridge Hospital. Angela can be reached at callateam@dominionlending.ca or 604-802-3983.