Changes to HELOC’s and No Down Payment Mortgages

General Angela Calla 7 Sep

Sept 5th 2012 

Good Morning,

For the 16th time the BOC has made no change to it’s prime rate. This means there will be no change to your line of credit or variable mortgage rate or payment if you have one. Full press release here: http://www.bankofcanada.ca/2012/09/press-releases/fad-press-release-2012-09-05/

That doesn’t mean we aren’t seeing changes elsewhere.  As I released some time ago, some lenders have cut their HELOC (Home Equity Lines Of Credit) down to 65% from the 80% already. Other lenders will follow shortly with little to no notice. Scotiabank today released they have said goodbye to the no down payment mortgage for home purchases as of Sept 15th 2012 of this year, and other lenders will also follow with little to no notice.

Read Changes to Lines of Credit here:http://www.angelacalla.ca/blog_post?id=7696&title=Changes-upcoming-to-secured-Lines-of-Credit

Read Scotiabanks says goodbye to no downpayment mortgages here: http://www.angelacalla.ca/blog_post?id=7883&title=Scotiabanks-says-goodbye-to-no-downpayment-mortgages–

Knowing that mortgage options can change like the weather (regardless of rates staying put) it’s important not to wait to review your options. If you have a renewal, carrying debt outside of your mortgage, planning to buy a home or just curious if you are optimizing your mortgage to it’s best ability; contact us today to see how we can help you at callateam@dominionlending.ca or 604-802-3983

Angela Calla

Dominion Lending Centres-Angela Calla Mortgage Team

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

604-802-3983 callateam@dominionlending.ca

t @angelacalla www.angelacalla.ca

Scotiabanks says goodbye to no downpayment mortgages

General Angela Calla 5 Sep

Banks to End Cashback Down Payments

Cash-back-mortgageCashback down payment mortgages are on the endangered list.

One of the biggest remaining lenders with a cashback down payment mortgage is Scotiabank, which announced today that it is terminating its “Free Down Payment” program, effective September 15.

A source at the bank confirms that it is scrapping the offer in light of banking regulator OSFI’s B-20 Underwriting Guidelines.

OSFI has decreed that “Cashback should not be considered part of the down payment.” Most Federally regulated lenders must therefore eliminate these offerings no later than October 31, 2012.

Cashback mortgages – essentially 100% financing – are a niche product that are seldom appropriate for owner-occupied purchases (sometimes they make sense for rentals). There are exceptions, but most of the folks who want them are simply a bit too eager to buy.

The Canadian Association of Accredited Mortgage Professionals (CAAMP) supports OSFI’s call to end cash back products in lieu of 5% down payments. “Borrowers should have ‘skin in the game’,” it says.

There aren’t many federally-regulated lenders with 5% cashback down payment mortgages left. Last time we checked, National Bank and B2B Bank were two of the banks still doing them. Those options likely won’t be around for long.

Despite the above, banks (including Scotiabank) will continue selling cashback mortgages so long as the funds aren’t being used as equity. Buyers sometimes use cash back for things like land transfer tax, lawyer’s fees, moving costs, closing costs, furnishings, landscaping, renovations, and so on.

Cashbacks are also used for refinances to 85% loan-to-value (the official refinance limit without cash back is 80% LTV on insured mortgages).

Sidebar: There’s a chance that a small number of provincially regulated lenders will continue offering cashback down payment mortgages. We’ll see who’s left standing after October 31.

Courtesy of Canadian Mortgage Trends

 
Want to know your options to purchase a home? Contact The Angela Calla Mortgage Team 604-802-3983 callateam@dominionlending.ca

Townhouse living, condo price #portcoquitlam @cknw @angelacalla @willingtwo

General Angela Calla 30 Aug

As heard on this weeks Mortgage Show on CKNW with Angela Calla Saturday Auguest 18th 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:

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

http://rboies.mlslink.mlxchange.com/?r=65019040&id=363434333136.312

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

Homeownerships Improves IQ and Self Esteem

General Angela Calla 16 Aug

From a study conducted in Calgary:

Please note: we didn’t write or contruibute to the survey, just sharing it with you!

2.1 benefits  to homeownership

Through a combination of literature review and key person interviews, the following benefits to homeownership were identified:

 · homeownership is a major contributor to financial security and wealth creation for individual households;

 · homeownership is also an important contributor to a community’s economic growth;

 · homeownership has positive impacts on personal well-being, fulfillment, self-esteem, sense of control and stability;

 · homeownership plays a role in improving the neighbourhood and community quality of life;

 · promoting greater income equality through homeownership can contribute to improved population health;

 · children of homeowners do better in school and are more likely to complete their schooling (scholastic performance has more to do with household stability, a sense of belonging and family values around education and it does improve I.Q.);

 · children of homeowners are more likely to become homeowners themselves;

 · homeowners are more vested in the interests of the community in which they live and more concerned about what goes on around them;· homeownership offers legitimacy to people, allowing them to speak out and have an opinion about what goes on in their neighbourhood and community;

 · homeowners are more likely to participate in community life, get involved in local activities, and are more likely to know their neighbours and their neighbourhood;

 · homeowners are more likely to vote in local, provincial and federal elections than renters;

 · public efforts to increase access to individual homeownership have greater impacts among low-income households than among higher-income households; and

 · When low-income renters become homeowners, there is a shift in thought processes, attitudes, and level of responsibility. People shift from being clients of social services to being partners in their communities.

To become a homeowner today learn about your options from The Angela Calla Mortgage Team 604-802-3983 callateam@dominionlending.ca

45% of Canadians have no $ for emergencies, find the savings in your mortgage.

General Angela Calla 15 Aug

Reviewing your mortgage annually with the right plan will ensure you are not paying more than required on your mortgage and outside debts and stop the cycle of no saving.

Contact Angela Calla Mortgage Team Today 604-802-3983 callateam@dominionlending.ca

Courtesy of CBC

A new poll for one of Canada’s big banks says 45 per cent of those surveyed said they had no fund set up to deal with emergency expenses.

The poll of about 2,000 Canadians was conducted in March and April for CIBC by Harris/Decima.

Ontario and Alberta residents were the least likely to say they had an emergency fund set up — 53 per cent of respondents in each province.

At 60 per cent, British Columbia residents were the most likely to say they have funds set aside for critical, unexpected expenses.

Quebec and the Prairie provinces of Manitoba and Saskatchewan were also above the national average, tied at 57 per cent.

Atlantic Canada was right on the national average, with 55 per cent of respondents in that region saying they had set up an emergency fund

Health equals Wealth- start with a Mortgage Review @angelacalla

General Angela Calla 15 Aug

It’s no surprise that when you are stressed finacially, your health suffers.

Start with a mortgage review to ensure you are not paying more for your mortgage and outside debts than you need too. Talk about a good holistic approach!

Read more here http://www.cbc.ca/news/health/story/2012/08/10/health-income-cma.html

Contact Angela Calla Mortgage Team 604-802-3983 callateam@dominionlending.ca

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

 

Investment hot spots

General Angela Calla 15 Aug

Two B.C. cities are tops on a list of Canada’s investment hot spots, according to a recent report from Business Review Canada.

The review broke down Canada’s regional economies by province, and then dug deeper to find emerging markets in small to mid-size communities ripe with opportunity for investors.

When the dust had settled, the B.C. communities of Maple Ridge & Pitt Meadows, along with Surrey, came out on the top of the ranking. They share the honour with Red Deer, Alta., and Barrie, Ont., also named among the most desirable communities to purchase investment properties.

Maple Ridge & Pitt Meadows is noted for both its commercial and residential investment potential. The Translink/Gateway Project is underway, a move which will improve transit and infrastructure, making it a popular new choice for residents and businesses looking for close proximity to Vancouver.

Surrey is also touted as a city with enormous potential, expected to eventually trump Vancouver as the largest city in the province.

Surrey, in fact, attracts some 1,000 new residents each month, while its bustling public transit, green parks, two border crossings and active local economy also strengthen its appeal for investors, according to the report.

Red Deer, Alta., is praised for its mix of business and pleasure opportunities as well as its solid economy. Situated between Calgary and Edmonton, the city’s rental market is booming.  Barrie also made the cut on account of its recent growth as both a residential city and a vacation destination.

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