Debt Consolidation – Pushing the reset button.

General Angela Calla 8 Nov

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.

 

What the Liberal win means for your mortgage.

General Angela Calla 23 Oct

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.

 

Thinking about selling your home?

General Angela Calla 17 Oct

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

General Angela Calla 16 Oct

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.

The nominees will be honoured at a chamber luncheon at Westwood Plateau Golf and Country Club on Nov. 7. Full lists of the nominees and registration for the luncheon are available at tricitieschamber.com.

-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!

General Angela Calla 15 Oct

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 11th 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.comDynamic 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.

Improving your credit score isn’t as hard as you think

General Angela Calla 15 Oct

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.

 

 

 

 

Mortgage renewals with the same lender are on the rise, but should you just sign on the dotted line?

General Angela Calla 9 Oct

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.

Is the real estate market recovering?

General Angela Calla 7 Oct

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.

Angela Calla discusses fix on the Stress Test as proposed by Andrew Scheer

General Angela Calla 24 Sep

Here are some of the speaking points that Angela touched on during her interview on the Charles Adler Show, played nationally, yesterday:

  • The current foreclosure rate is less than .025% and CMHC pays millions of dollars in dividends to the government each and every year.  They have enough money to pay out every single mortgage they have ever insured plus some so this was not as a result of an existing or foreseeable problem or threat of defaults on consumer mortgages.
  • The liberals created the stress test but we are unsure why?  There was zero consultation with industry.
  • We have spent the last 2 years trying to get them to amend the policies so that middle class Canadians do not have to continue suffering as a result of the unintended consequences that clearly were not foreseen.
  • The conservatives took formal consultation with us and actually adapted all the policies that we suggested to help middle class Canadians keep their money and empower them instead of paying more for no reason.  As a Mortgage Broker, we are passionate about educating Canadians and empowering them.
  • We believe that there is no one better to decide where their money should go then the actual consumers themselves.  When we handcuff them to lenders by not doing proper consultation with industry, we take away their power of choice and we give the power to the big corporations to take money from people which is very belittling.  We are very proud to see this come forward.  The other parties have mentioned some modifications but certainly nothing to the degree that will help as much as this plan has been laid out.

For further information, the link below provides the interview on the Charles Adler Show played on the radio, Nationally.

https://omny.fm/shows/charles-adler-tonight/andrew-scheer-announces-stress-test-for-first-time

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

Andrew Sheers Plan in terms of housing is a long called for relief.

General Angela Calla 23 Sep

 https://globalnews.ca/news/5939018/andrew-scheer-mortgages-housing/

When the federal government under the Liberals made all the changes to the mortgage rules, they did it with ZERO consultation from the industry. Our industry immediately detected, the gaps and collateral damage it was going to do to Canadians by making it harder for them to buy a home.  The Conservative Party actually reached out to our industry for input to learn how to use financial prudence while still giving Canadians the power of choice.

We are not endorsing a political party; my comments are solely based on this industry-specific party platform announcement.

1.  First time homebuyers will benefit significantly from a 30-year mortgage

This won’t help them qualify for more so we still have prudence with the stress test (which is well over 2% higher than what they actually pay), however, Canadians cash flow will greatly improve to help them with the continued increase in the cost of living and help them avoid outside debt by having cash aside for an emergency. The 30 year mortgage is a great planning tool, which gives Canadians the power to better financially position themselves. It’s important to note that people who purchase with a 20 percent down payment already have access to a 30 year mortgage. On a 350k mortgage, this will give Canadians approx. $185/ month in additional cash they can save for an emergency so they don’t have to turn to high interest credit cards, spend on groceries, family essentials, or which will allow them to consider future- income producing investments while still maintaining a home!

It’s also important to note that “when” the Conservative government had a 40 year mortgage option in place, interest rates were more than double what they are now. Today, interest rates are less than half of what they were at that time even including the stress test, so it only made sense for them to reduce the length of mortgage terms as rates went down.

2. No stress test on renewals

THIS was the collateral damage that impacted anyone going through a renewal or porting a mortgage in the last few years. Canadians that got a mortgage under the previous conditions were forced to pay more interest with different lenders or their own, as they didn’t qualify for the mortgage they had. Some Canadians had to pay up to 2 percent higher at renewal with an alternative lender or in some cases, their existing lender was able to take advantage of the fact that they weren’t able to qualify under new rules. For example, on a 350k mortgage, the stress test increased some mortgages holders’ monthly obligations by $396 a month, with no benefit to them. They were just a part of the damage not considered when the government made changes without consultation! This was something that should have been in place or considered or modified. We are happy to see this being brought to the attention by the Conservative’s plan.

As mortgage professionals, we are passionate about transparency and empowering Canadians through education. While there is no one party we agree with in terms of all of their policies, I feel if this were to be implemented by any party, the advantage to Canadians would be more empowering and certainly based on the numbers and examples above, puts more money in your pockets to utilize as you see fit.

The other parties have discussed raising the first-time homebuyers’ limit, and there is still a good month left in the campaign, so we will see how things continue to develop.

The Angela Calla Mortgage Team is always here to help with clarity on any mortgage content.

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-cities community.  Angela can be reached at  callateam@dominionlending.ca or 604-802-3983.